PAYOFF QUOTES
You DO NOT charge the customer the processing fee on the quotes
What is when a customer is within 90 days of termination date, or the customer has 0% interest on their contract?
When a customer is past due 2 months or more. i.e. currently we default the customers that are past due for June and July.
When can we default?
The 2nd or 3rd day of the month
When are lineouts usually do?
It's a $275.00 fee
What is a processing fee?
When a customer is past due 80 days or more.
When can we repo?
Is when a contract or account needs be deleted off our final numbers due to various reasons. i.e. asset inventoried before end of month.
What is a lineout?
It's an amount that leasing customers have to pay after the termination date of a lease .
What is a balloon/residual payment?
When a customer makes one or more payments, after being defaulted, however, customer has not paid fully current.
When do we send a ROR letter?
1st- Review final numbers sent by reporting team.
2nd- highlight lineout and enter it on the lineout entry sheet on excel via Teams.
3rd- submit evidence to Otisha and copy Pedro Moran, lineout lead for approval.
4th- enter evidence via teams on groups and lineouts section.
What is the process of lineouts?
I have to create a case for the buyout team for the creation of a payoff quote
What is when a customer or Cat Financial employee can't create an auto payoff via MCF?
After 180 days
When does the default letter expire?
No, if repo coordinator sends us the email of assets being inventoried, then we can just enter the lineout on the excel sheet via teams, without the need of manager's approval.
Do we submit evidence to Otisha and Pedro if the repo coordinator has advised of assets being inventoried?
It's a daily interest charge stated on the payoff quote for every day after the good through date.
What is Per diem or per day charge?
No, we require all contracts to be paid, if a customer surrenders one, they must surrender all.
What is Cross Collateral, Cross defaults on contracts?
Yes, we should increase his salary due to his awesome lineout performance.
Should we increase Pedro Moran, lineout lead's salary?