PROCEDURES/POLICY
If a dealer does not have a DealFi duplicate what is the proper procedure/how do you issue back end?
Issue back end product under normal dealer LS and note in back end template why that was done. Email dealer support to make sure dealer is on the list to be duplicated.
Approval states:
115%+++ up to 155% OTD
Book Value: $16700
Sales Price: $18500
Cash down $1500
Amount Financed: $21680
How much cash down is needed for FE to be in line OR how much allowance do you have left?
$2205 left in the FE allowance
Where and how do you get the RBP/Score disclosure from if not available in lender forms in CUDL?
700 credit- before running IDV push "letter" and select RBP form and save as PDF into folder
Name the two (primary) instances where issueing under DealFI LS in zoom is okay.
1) Dealer has no zoom portal - confirmed with jamie/rylie/support
2) dealer does not have product available in portal (most common with gap) but it is available through DealFI LS for the vehicle
Approval states:
115%+++ up to 155% OTD
Book Value: $16700
Sales Price: $18500
Cash down $1500
Amount Financed: $21680
How much cash down is need for the OTD LTV to be in line OR how much left in the OTD allowance is left?
$4205 left in OTD allowance
What document for GOLF/LGE community CU needs to list Golf as lienholder instead of LGE?
The title application
A deal comes in first time buyer ghost score, Book value of $10750 and an OTD of $11450.65 requested. How much if any down payment needs to be added into the structure before submitting to AFCU per our new policy?
$700.65 additional down payment to be at 100% LTV
Name the 3 lenders you will primarily see ++ approvals for and what ++ means in regards to LTV calculations.
What two lenders require the title application to be edited before sending the docusign to correct the printed information?
Ufirst and Golf/LGE
How much is the minimum GAP and VSC allowance you should be adding to any non FTB deal before submitting to AFCU?
$795 gap $2500 VSC
Structure: $25999 cash price--- $2000 down payment----$0 gap----$0 VSC---$2235.91 sales tax---$27009.91 amount financed --- Book Value: $21875
Approval: ++ approval for $23321.40 FE and $26903.57 OTD max
how should the call back be sent to be in line?
additional down payment of $3687.51 needed for FE to be in line at $23321.40 max. Total down payment $5687.51
Where can you find the External Lending Guides for dealers if you need to access it? Or where to find instructions on how to find this?
The DealFI shared folders > External Lending Guides for Dealers
Specialist one Note > Resources > Where to find things
Name all 7 hard decline reasons for DealFi (no grey area) without submitting to a lender
1) Auto Repo/Charge off in the last 12 months without an open BK
2) Past due or deferred on open auto or mortgage
3) dismissed BK without refile in the last 12 months
4) salvage or rebuilt title
5) DTI over allowed amount -55% prime 50% all others
6) Vehicle older than 2004
7) first time buyer under 6 month job time
Approval: 90%+++ up to 125% OTD Warranty allowed up to 20% of Vehicle Value (Min 12 Mon/12K miles coverage) Max Warranty Cost = $6,000. Maximum GAP $1000.
Book value: 18150
Current amount financed: 19047.07
How much is left in the OTD LTV and what is the max you can sell Gap and VSC for (each)?
Left in OTD $3640.43
gap max $1000
VSC capped at 20%: $3630
Walk me through the steps needed to internally fix an application submitted as a "payment call" by accident
1) pull up credit application and edit
2) scroll down to structure section and toggle off the "payment call" box
3) make sure there was an actual unit and structure for the vehicle on the application and save the credit app
4) in the main screen unclick the "payment call" box at the bottom of the structure
5) associate the correct vehicle from the credit app in the "new inventory"
6) copy the intended structure off the credit app and calculate save draft.