Mileage Calculations
What does PP Stand for?
Purchase Price
What 4 states that we DO NOT refund taxes?
IL, NY, VT, and ND
What figure on the financial contract is used to determine if you have the correct pay history?
Amount Financed
What states require original tax receipts
OH and TX
What are the standard name/title of documents?
Buyback Worksheet
Signed Offer Letter
Signed SAR
What is the mileage calculation for Hawaii?
1% of the purchase price for every thousand miles of use up to the qualifying repair
What is another term for excise tax and do we reimburse it?
Property tax and no we do not as this can be collected from the states local tax assessor or county clerk.
What are the 5 components for a complete payoff
Name of bank, FULL account number, overnight mailing address (this must be a PHYSICAL address NOT a P.O. Box), good thru date, and per diem
What documents are required above and beyond the standard required documents for a purchase price or payments calculation in the state of PA?
Buyers order and MV1
They are essentially the same however the buyers order is almost like a "rough draft" of the financial contract. The key difference to know which you have is the financial contract will provide you specific details that will ONLY be on the financial contract and they are the APR, monthly payment, term length, and amount financed.
What state uses the unimpaired/impaired formula?
Texas
What is the difference between a non-reciprocal and a reciprocal state?
Non reciprocal - means if you purchase a vehicle in another state and its NOT reciprocal you will pay taxes in the state you bought the car and the state you live in.
Reciprocal - Is the opposite meaning if the state you purchase the vehicle in is reciprocal with your home state they will send the taxes to your state.
Principal and Interest ONLY ...if it is not principal or interest we do not reimburse it.
What states require repair history?
The only states that technically require repair history is CA and WA. However, you are going to do a mileage calculation on every state and would be STRONGLY suggested a vinquest (name for a summary of repair history) is in your buyback document package. When making notes you will NEVER say vinquest it will be referred to as repair history.
CA
$0.585
If the vehicle was bought in NV and the customer lived in CA at the time of the purchase what state got paid sales tax?
Both they are non reciprocal
How many payoffs, pay histories, and contracts would you have on a vehicle that has been refinanced twice?
1 Contract, pay history (Potentially), and payoff (Potentially) for first loan
2nd Contract, pay history, and payoff for the second loan
3rd Contract, payoff, and pay history
What is the best way to ask for a payoff?
Please provide a payoff DIRECTLY from your lien holder, with a good thru date, physical payoff address, per diem, and FULL account number. VS.....please provide a payoff. REALLY?? Would you know all these details unless someone told you?
What documents will reduce your cycle time, reduce your stress, and have you wondering why you can finish a few hours early on a good day?
Your job aids
What state uses the mileage calcualtion "1st Repair and all Miles over 25,000 x Lease Price/ 100,000"
Michigan
What documents should you always request when requesting documents from HMF?
Contract, pay history, payoff, and TITLE APPLICATION. In most instances this will tell us what state the taxes were paid to....and now Vanessa is going to talk because this is a general statement she won't let fly
Explain: If my taxes are rolled into my financing and you reimburse my payments back ...am i getting my taxes back or is that a separate reimbursement?
Rolled/baked in are terms that mean "included in" so if your taxes are "included/baked/rolled" in to the amount that is financed means each payment that is reimbursed is reimbursing a small part of the taxes. This is true for all figures rolled in or baked into the financing or amount financed.
What are the 5 states we require a buyer's order why?
FL, LA, PA, WA, WI - for our sales tax team to recover sales tax from the state making additional income for our company and increasing the chances of not only growth but keeping our jobs which could result in ....promotions, possible bonus structure (your turn to talk Vanessa), and not having to look.
9 Total 8 as of 7/22 for OK
MT, WY, OK, MO, MN, MI, KY, MD, and NY