EXTENSION
All modifications created in our Delinquency are subject for review, approval and never guaranteed... Why?
All Extensions created in Delinquency are exceptions and will need SCM approval or higher
_____ ________ must be completed in full prior to a due date change being offered?
First payment must be completed
Recent extension disqualifies a customer from requesting a due date change. (and vice versa)
T/F
False:
However still subject to managers approval
When account is pending a signature, how long does the customer have to sign before Extension expires?
48 hours to sign before it expires.
What days of the month are not an option for a Due Date Change
and why?
29, 30, 31
SOME MONTHS DONT HAVE THESE DAYS
When are extensions a good option to bring account current?
EXTENSION MUST MAKE SENSE, MEANING DOES THE EXTENSION CREATED FALL IN LINE WITH COMPANY VISION AND PURPOSE?
Due date changes should be granted to align a due date with the customer's _______ ______? and not as a resolution for default
Pay schedule
Due date changes can be requested for up to ____ days from the original due date.
Most Important expectation of extension approval
Must be out of hardship and must be able to maintain going forward.
When submitting a Mod request Auto Pay must be removed from the account but why?
A change to payment date of some kind
When creating standard extensions, the extension must do what for accounts status!
Must bring account to current status.
How many times can a customer have their due date changed and approved.
2x in life of loan
How many months can be extended in the life of loan.
6: 8: 10: 12
10
6 Standard Extensions
4 DT Cares Extensions
How much time from a completed Extension must go by before customer is eligible to request another Extension.
6 months
How many payments should be made before being eligible for the first extension?
First six months must be completed.
CUSTOMER CALLS IN FOR AN EXTENSION AND IS NOT YET PASSED DUE. CAN WE SUBMIT FOR EXTENSION?
Y/N
YES, ON A DUE DATE COMING WITHIN THE NEXT 2 BUSINESS DAYS... IF MAKES THE MOST SENSE FOR THE CUSTOMER AND HARDSHIP. FIRST CALL RESOLUTION
room for discussion
Within 2 business days.
Due to compliance reasons.
Do Covid Mods and DT Cares emergency mods count against the allowed mods in life of loan.
no
Can exceptions be made to move a Due Date more that 18 days from original due date?
No: This will create an extension for the account and possible Shaw error
AUTHORIZED 3RD PARTY Called in stating that car was purchased for them and the due dates do not match their pay days.
We can discuss what due dates that work best for customer but will need Account holders on the phone line to create the DDC!
ALLY CUSTOMER INFORMS YOU THEY HAVE BEEN AFFECTED BY COVID... WHAT ARE YOUR NEXT STEPS?
NEED TO USE DISCOVERY TOOLS TO IDENTIFY TYPE OF MOD THE CUSTOMER MAY APPLY FOR OTHER THAN COVID.
FOR THIS SCENARIO MOD IS STILL NOT GUARANTEED APPROVAL.
8
Only if new due date is in same month as original due date!
First 6 months of payment need to be completed.
45 DPD.
6 months from previous completed standard Ext.
Has not exceeded 3 Ext in last 12 months or 6 Ext in life of the loan.
Pay History - Bonus points payment breakdown
If customer wants to change due date to the 18th of the month but the current date is the 16th.... what would be needed to the complete this DDC?
Payment or Receipt