Consumer Auto Loans
The bank finances vehicles purchased through Franchised Dealers as well as these 3 Approved Independent Dealers.
CarMax, Enterprise Car Sales, and Carvana
True or False: To apply for both consumer and business auto loans, clients must have a valid SSN
True
What is the client benefit to getting PREAPPROVED for a car loan before car shopping?
1. Client knows what the interest and monthly payments will be
2. Client has budget of what to look for and where to shop
Which citizenship status is required to apply for both consumer and business auto loans?
Applicant(s) must be U.S. citizens, Resident Aliens or Non-Resident aliens and residing in the U.S.
What is the minimum collateral value and the minimum loan amount for a business auto loan?
Collateral: $10,000
Loan: $10,000
Where do you find the Auto Loan Pipeline Report, who can access it, and how often does it update?
FCO – Operations, Programs, & Products – Home Loans – Home Loans & Auto Loans Applications Pipeline Report
Every associate can access it
Updates daily for the previous day
What is the maximum vehicle age and maximum miles for consumer auto loans?
Age: 10 years
Miles: 125,000
What is the maximum vehicle age and maximum miles for business auto loans?
Age: 5 years
Miles: 75,000
Besides "Buy a Car," what other Life Plan Objective can easily lead to a conversation about Auto Purchase and Auto Refinance?
"Improve Credit" and many others, including:
Save for a large purchase
Budget and start saving
Save for education
Start a new job
Start a business
Travel
What is the minimum collateral value and the minimum loan amount for a consumer auto loan?
Collateral: $6,000
Loan: $7,500
How long does a business have to be in business to apply for a business auto loan?
2 years
What is the client benefit to doing a PREQUALIFICATION with Bank of America?
1. Quick application through DAS
2. It does not affect client's credit score
3. Clients gets an idea of APR, Terms, and Monthly Payment