Signed Lease Agreement
There are two ways in which the customer can sign their lease agreement. Those would be _________.
A link sent to the customer's cell phone and the 4-digit code.
Each customer is required to pay a MARKUP. This payment amount ranges from $__ to $__.
$40 - $80
Name the state where auto repair merchants cannot include any extras or items not directly related to wheels and tires on their invoices?
Michigan
True or False; The bank account verification is a requirement on ALL leases.
FALSE
True or false; the 4-digit code can only be provided to the customer.... and only on the customer/merchant's phone number listed on the lease.
TRUE
True or False; The markup cannot be paid with a card that does not belong to the customer.
FALSE **In order for us to take the payment with someone else's card, we need to make sure we submit the Secondary Payment Methods form.
Merchant invoices are expected to be reviewed in no longer than ____ Minutes.
Five
The Debit Card Payment (DCP) differs from the markup condition in that the card will be added as the _____ form of payment.
Primary
True or false; before rejecting an SLA, we are required to get a second opinion from a Lead Processor or Floor Supervisor.
True
The card used for this Markup will be used as a payment method. Would this card be added as a primary or a secondary payment method?
Secondary
True or false; all merchants are required to charge tax on their invoices (tax on purchase).
FALSE - Only tax on purchase states would charge tax on the invoice.
Name the three ways in which the Bank Account Verification can be satisfied.
Debit Card Payment (DCP), Voided Check (VC), and the Verbal Bank Account Verification (VBAV).
When providing the 4-digit code over the merchant phone, what verification process needs to be completed before releasing this to the customer?
VCI (verification of customer information) *Verify the personal information and transaction information section located in the underwriting verification tab.
To protect the customer's card information. We need to ____ the call when receiving full card numbers?
MASK **we need to mask the call whenever receiving full account numbers, card numbers, or SSN's.
What is the minimum amount of leasable items and the maximum amount of extra items that can be on an invoice.
70% Leasable and 30% Extras
When completing a Debit Card Payment (DCP), what information has to match what we have on portal in order for the payment to go through?
The customer's name (including the middle initial) and the customer's address.
What is the name of the document that tells us which items are considered HARD NO and what items are considered EXTRAS?
Leasable items spreadsheet
True or false; in order to meet compliance, we are REQUIRED to read the customer a script before processing any markup payment.
TRUE
Down payments are not allowed on merchant invoices. Can the invoice include a discount or a payment toward labor?
YES
The BANKING INFORMATION section in the UNDERWRITING VERIFICATION tab must be filled out when completing which condition(s)?
Voided Check and Verbal Bank Account Verification