Basic Consumer Lending
What does the term LOG stand for when referencing a vehicle loan?
Letter of Guarantee
Can people without a Student Choice Loan, review their website for additional information?
Yes! White the Student Choice Student Loan Center currently reflects as "Log in to your account," anyone can click on this to be re-routed to the Student Loan Center.
Do we have access to view if a loan was statused approve, deny or counter?
Yes, we sure can!
Would a member benefit from purchasing both GAP & DPW for the same loan at once?
No, members would find benefit for one or the other, depending on the loan to value.
Do members have to have a loan with Affinity Plus to purchase Route 66?
No, this product covers the vehicle specifically, and no loan is required.
What does CPI not cover?
The lender is covered, meaning that if the vehicle is damaged in an accident, or is considered a total loss, the insurance will pay to repair the vehicle or pay off the loan balance due
Should members apply for a Student Choice Loan prior to applying for the FAFSA?
No, members are required to apply for the FAFSA prior to applying for a Student Choice Loan. This allows members to receive any free money such as Grants, and also allows them to receive lower rate Federal and Perkins loans prior to applying for any private loans to bridge the GAP.
What tab would you click on in L360 to view notes left by lenders?
Communication tab
Do recreational vehicles qualify for ADR (Auto Deductible Reimbursement) for the recreational vehicle under the GAP or DPW policies?
No, recreational vehicles are not eligible for ADR benefits.
If a member is the primary owner of the recreational vehicle that they purchased GAP coverage on, and they are the primary owner of a vehicle, they may file an ADR claim on the vehicle should it have an insurance claim though as long as they are also the primary insurance policy holder.
No, if there are co-borrowers on a loan, they are automatically included in the cost for the primary borrower with no additional fees.
Who would you contact if a members loan docs were voided and needed to be re-sent?
Lending Advisor
or
LendingRequests@affinityplus.org
or
ChatConsumerLenders Webex Space
Is there a charge for members to speak to a college counselor through Student Choice?
No, this is a free service provided to all!
Can we view if a member purchased GAP, DPW, Route 66 or Loan Protection within L360 View Only Mode?
YES! We sure can.
Click on Tools --> Payment Calculator to review
or
Click on Documents to review the signed loan docs.
What is the cost to purchase GAP for a vehicle loan?
$415
The cost is $445 for a recreational vehicle loan.
Yes, if the vehicle is sold private party, the new owner can elect to pay $50 to continue the original coverage purchased.
What is the minimum credit score that we can do consumer lending for?
There isn’t one for Consumer Lending! We review many different factors and there is not a black and white answer here. This often comes down to a members relationship with Affinity Plus. Things such as how long have they been a member, do they keep their account with us in a positive standing, do they have any late pymts or charge-off history with us? What happened to cause their credit score to drop? Often times, there is a reasonable explanation, such as they or a loved one became ill and lost their income, they lost their job unexpectedly, etc. We look at, is the pymt affordable now at this time with their current income? Is there sufficient collateral, so that if they default we can reclaim some of the funds?
Can members receive Student Choice loans for any college that they wish to attend, or that they attended in the past?
No, there is a list of approved schools for all 3 loan products that should be reviewed prior to applying for a Student Choice Loan.
(If the college being attended or previously attended is not on the approved school list, we can submit a request to see if it can be added to the StudentLoans@affinityplus.org email group.)
Should we "Steal the Lock" upon entering a loan application in Lending 360?
No, we should never steal the lock, because if a lender is actively working on a loan, they will lose everything that they have entered if they have not saved the application before we steal the lock.
*Also remember to always "Release the Lock" before exiting loan applications in L360 please.
How many skip a pays are allowed for a vehicle loan that has GAP coverage?
FIVE
If the loan had DPW coverage instead, there would not be a limit for skip a payments.
Can members file for Involuntary Unemployment Benefits immediately upon purchasing protection?
No, there is a 90 day waiting period prior to being eligible to file a claim for Involuntary Unemployment Loan Protection benefits.
If a member calls in at 5:20pm on Thursday requesting to finalize their auto loan, will we be able to complete their request that evening?
No, the cutoff time for a member waiting is 5:15pm on weekdays.
Is there a list of grants and scholarships available for members to access & apply for, through the Student Choice website?
Yes! There sure is.
Please encourage members to review this prior to applying for any private student loans. It can be found by clicking on the Resources tab & then clicking on the "Guide to Financial Aid" option. Once member inputs their name and email, they will have access to a PDF guide, that lists the website to apply for thousands grants and scholarships that have been vetted as safe and legitimate.
If a member receives an Adverse Action letter and calls to inquire further because we have already funded the loan, what likely happened?
The loan was likely "Countered" with a lower dollar amount than what was originally requested. This will trigger an adverse action letter to be mailed, even though we may have funded the loan.
Assure members that everything is just fine, this was simply a notice to advise them the reason that we could not approve the original requested loan amount.
What does the Auto Advantage (AKA Credit for Replacement Vehicle) benefit provide members?
$1000 principle only credit toward their next vehicle loan with Affinity Plus, upon total loss of current vehicle with GAP policy in place.
(Must finance new loan within 90 days of insurance check being received.)
What are the 3 tiers (Streets) of coverage available within the Route 66 plan.
First Street
Main Street
Easy Street
Coverage is determined by the vehicle Year/Make/Model and Mileage and cannot be adjusted to another tier.