Partner Packet
We must receive this title document prior to funding a loan
title application
What is our maximum amount we will loan on a shed
$25k
True or false, titling a boat in Illinois requires special approval.
True! Contact Jenny M for help
This item is something you must do before a meeting with a partner
make a plan!
a member must do this to become a member of the credit union (if they are eligible for FOM of course)
What is MCU's lienholder address
PO Box 309 Onalaska, WI 54650
What age must a vehicle be to qualify for a 60m term?
4 years old or newer
MCU will finance up to 150k loan amount on this these types of collateral
Vehicles (Cars, Trucks, Motorhomes and On Road Motorcycles)
What is the last step in the sales process?
Follow up!
Rock Island
MCU can use a purchase agreement for this many days once issued by a partner
30
What value must a boat or RV be to qualify for a 15Y balloon?
30k
What is our max LTV for auto loan
MCU does not have a MAX LTV
Name our 4 C's of lending
Character, Credit, Capacity, Collateral.
Cousin is considered immediate family
false
If a dealer and the member live in seperate states, who handles the title work?
MCU
How do we value a rebuilt branded vehicle?
80% of clean loan value in NADA
True or False : A policy exception is required to finance a boat without a trailer
True
True or False, you called a dealer to update them on an application that was sent in. This should be logged as a completed planner for the day.
False!!! - nice try
How many actual counties in Iowa are included in our FOM policy? Not MJs extra counties
11
What is the last item covered in MCU's partner packet?
partner ACH form
For an RV, the nada shows 33k in value, but 90% of the purchase price is 29k. Which value should be used?
On rec purchases, the lesser of NADA value or 90% of purchase price is used. In this case, it would be the 90% value.
What common Financial does Pet Care, Chiropractors, Cosmetics, and Dental Practices Use?
Care Credit
What type of risks does MCU not take?
Risks we do not understand
name all the states MCU can do business with
Wisconsin, Iowa, Minnesota, Illinois, Michigan