EXTENSION
Extensions in our delinquency are subject for approval and never guaranteed.
Why?
ALL extensions in our delinquency are exceptions and will need SCM approval or higher
What needs to be completed in order to qualify for a due date change?
First payment must be completed in full
If a customer had a DDC last month, they won't qualify for an extension until there is 6 months in between. T/F
False. This is only the case for extensions.
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 would an extension be a good option?
The extension needs to make sense, and needs to follow the guidelines
In order to set the customer up to be successful in loan, their due date should match what?
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
What needs to happen to the status of an account, when submitting for an extension?
The customer can have a total of how many DDC in the life of the loan?
2 due date changes 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.
A customer has a current account and calls in for an extension. Can we submit for one?
Y/N
Yes, as long as the AH/COB has a due date coming up within the next 2 business days
When adding a receipt with a DDC, within how many days does a payment need to be completed after submitting?
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!
A customer with an Ally account calls in and states they were affected by COVID and would like an extension. What are the next steps?
Ally accounts DO NOT qualify for COVID mods. You will need to submit a normal extension with an appropriate hardship reason. These will still be subject to approval.
What is the most important part of a Due Date Change?
Make sure we are following up with customer, reading final disclosures, and making sure we click Fast Track to Finalization
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