Terminology 1
Lender
a person or entity that loans money to a borrower to purchase a vehicle.
Name 2 things to review in the file before calling the lender.
Review Status, Notes, Documents, Combined Template, etc.
is a legal claim that Lender/Lienholder has on the Loss Vehicle.
Lien
Do we need to ask for GAP insurance in negative equity situations?
when a person or entity (Lender) lends money to another (the borrower) with the understanding that the borrower will repay the Lender.
Loan
They facilitate the sale of the Loss Vehicle.
Salvage Company Name
What must you always select to save your payoff information obtained to the file?
Click Update Lien
Title
Legal document that identifies the Owner of a vehicle.
Name 2 call prompts we could select.
Loan Payoffs, Customer Service
The department at CCC that assists Insurance Companies with the paperwork involved in transferring the Titles of Loss Vehicles.
Total Loss Care (TLC)
the amount the vehicle was worth (fair market value) the moment before it was damaged or stolen.
Actual Cash Value (ACV)
If adjuster information is not pulling up in the Combined Template, what is the second way to find this information? List all the steps.
Pull up TLC Email Inbox > Search for Adjuster's name > Select any email > Look at signature for phone number and email address
amount the Owner is offered by the Insurance Company to settle the Insurance Claim.
Settlement Amount
Name the most common documents the lender may ask for.
Market Valuation Report, Settlement Breakdown and Cause of Loss
Make
The manufacturer or brand of a vehicle (Ford, Chevrolet, Toyota, etc.)
Unique code that is assigned to each vehicle
VIN
We identify the lender is a RouteOne but didn't pull any payoff information, what can we do?
Post in the Total Loss Care Teams Channel
LOG
Legal document that ensures the Insurance Company receives the Title once the Lender receives payment.
Name three items we need to verify/ask on the phone with the lender.
Title Release Turnaround Time, LOG Turnaround Time, Spelling of Legal Name, Secondary Owner, etc.
MVR
Report that CCC provides to the Insurance Company detailing the Actual Cash Value (ACV) of the Loss Vehicle.
The number that is assigned by the Insurance Company to reference an Insurance Claim
Claim Number
What do we set the overdue by date to when submitting additional information for written authorization?
One business day
Payoff Amount
The money owed to the Lender to pay off the loan.
Why is it important to verify the payoff addresses?
To make sure the ins. co. is sending payment to the correct location.
Process of obtaining a Payoff Amount and Per Diem from the Lender/Lienholder