Loans
Collateral where product type is sport vehicle
ATV, Snowmobile, Dirt Bike, Jet Ski, Machinery, Other (collateral with no title)
What line of credit does not have a grace period
Credit Card - due 13th of every month
How do you submit a claim for Payment Protection/GAP?
Fill out form in Nautilus - TruStage Claim Submission
Procedure: Submitting Payment Protection/GAP, Deductible Assistance Claims
Only fee Royal charges for most sport vehicles
UCC-1 fee
How long are credit reports good for?
30 days
What is the difference between a co-borrower vs. co-signer?
We take the co-borrower's credit score into consideration when determining the interest rate on the loan
Minimum loan amount for Kwik Cash
$100
What is CPI and when does it go on a consumer loan?
Force-placed insurance: If a Member doesn't provide proof of insurance within 3 months of closing on their loan we will put CPI on it
$10 lien fee (if don't already have lien with us or lien will expire)
$22.50 electronic filing fee (if lien will expire)
What are the fees for equity loan/refinance
How can team members apply for a loan?
Online, in an office, Member Service/Member Lending, Dealership
*Call Underwriting if you are doing a TM application and the system locks you out
What do we do when we can't look up the collateral in JD Power to find the value?
Do a search and find 3 similar models. Take the average dollar amount of the 3 to use for the value.
What is the minimum dollar amount to apply for a Personal Line of Credit?
$2,000
Is an RCU team member able to look up the status of a Payment Protection or GAP claim?
Yes! A Member can also contact TruStage with the phone number in the procedures. There is also a link we can click on to view the status.
Sales tax, temp plate (if applicable), plate issuance fee (if applicable), lien, electronic filing, license plate registration (if applicable), title, wheel tax (if applicable)
What are the fees for a vehicle purchase
When do Member(s) have to sign the MV1?
Change is being made with DMV:
- Ownership
Plates
- Lien (if expiring and/or coming from different financial)
What loans/lines of credit are ineligible for Payment Protection?
HELOC, Single Pay Notes, Association Dues, and Commission Advance Loans
What line of credit is a minor not able to be the primary owner on?
Credit card - can be authorized user
When is comprehensive insurance only required?
Member has storage waiver: only good for 6 months and Member must reinstate waiver with us every 6 months
How do you calculate boat fees?
Private Party Purchase Template - Boat
What needs to be put in the sticky notes when doing a private party application?
Title uploaded in supporting docs and name & phone number of seller
Bonus: DOB - easier to look up in WIORLS
When do we need a SPN?
Purchasing collateral from private party and seller won't provide title prior to closing or member is traveling far and prefers to have cash/check. Making quick purchase/payment while waiting for funds from guaranteed source. Bridge loans.
*Chart found in procedures for reference
Does a Member have to set up automatic payments when closing on a Kwik Cash?
Yes and it should pull from the Member's checking account on the due date if a payment wasn't already made
Full coverage insurance is required on loans over what dollar amount?
$3,000
*PLEASE DO NOT SHARE WITH MEMBERS
Can Members take their title work and registration to the DNR to be able to use their boat right away?
"Members are not authorized to take their title work and registration into a local DNR. Further, the WI DNR website is not to be used to register boats for Members unless cleared by CLS and branch manager and only in extreme circumstances."
Process takes 4-6 weeks.
Does RCU do mobile homes?
Only internal refinances with no new money