Activity

Name Me!

1

What do you call this priority document that we need to check for in the package? It serves as the binding agreement between the two or three individuals.

Contract Agreement Form

2

What is the name of the document that shows the price of a brand-new vehicle?

Vehicle Invoice

3

What is the name of the document used to validate a customer's Social Security Number?

Credit Application Form

4

What is the name of this document that is optional, unless the customer decides to purchase an aftermarket product like a paint protection, mechanical service contract, or maintenance plan (such as an oil change)?

Aftermarket Binder

5

What is the document used to verify vehicle ownership? This document is also required if a customer residing in Texas intends to apply for car financing.

Title Application Form

Please Explain!

1

What can you say about Ally Financial based on what we have covered in the training?

Ally Financial is a leading digital financial services company.

It offers the following services:

-Online Banking

-Auto Finance

-Mortgage Lending

-Investing

-Credit Cards

-Corporate Finance

-Insurance

2

Can you give us at least 10 U.S. states that we support, along with their state abbreviations?

State Abbreviation Alabama AL Alaska AK Arkansas AR Arizona AZ California CA Colorado CO Connecticut CT Delaware DE Florida FL Georgia GA Hawaii HI Idaho ID Illinois IL Indiana IN Iowa IA Kansas KS Kentucky KY Louisiana LA Maine ME Maryland MD Massachusetts MA Michigan MI Minnesota MN Mississippi MS Missouri MO Montana MT Nebraska NE Nevada NV New Hampshire NH New Jersey NJ New Mexico NM New York NY North Carolina NC North Dakota ND Ohio OH Oklahoma OK Oregon OR Pennsylvania PA Rhode Island RI South Carolina SC South Dakota SD Tennessee TN Texas TX Utah UT Vermont VT Virginia VA Washington WA West Virginia WV Wisconsin WI Wyoming WY

3

Explain what a retail transaction is and how it differs from a lease transaction.

•It is an agreement where a buyer purchases a vehicle from a dealer and agrees to pay the purchase price over time, with interest. Once settled, the customer becomes the owner of the vehicle.

4

Provide the loan cycle and explain the purpose of each step in the cycle. Cover only the items necessary for our processing.

1. Dealership

2. Credit Score Checking

3. Contract Draft

4. Ally Auto Contract Processing

5. Aly Auto Con End Processing

5

What is an underwriter, and what are some of their responsibilities that can help us process a transaction?

An underwriter is a financial expert who evaluates risk and determines whether to approve or deny applications for loans.

What do underwriters do?

•Analyze applications to assess risk

•Make recommendations for how to handle applications

•Approve or deny applications

•Suggest prices to charge clients, such as interest rates or fees.

•Help clients understand their risk and policy options.

Try Me!

1

Who can clear the 'Credit Level' system errors that we see in our client tool?

Underwriter

2

Who is required to review and fill out the contract agreement form?

Buyer

Co-Buyer

Dealerships

3

Who should we notify or reach out to if a required document is missing from the contract package?

Dealership

4

What documents must be submitted if the customer only needs to finance the vehicle?

Contract Form Agreement

Credit Application Form

Vehicle Invoice (New)

Book Out Sheet (Used)

5

What are the four types of book-out sheets, and how would you describe each of them?

JD Power (NADA)

Kelley Blue Book (KBB)

Black Book (BB)

Alternate Approved Sources

Give it a try!

1

Black Book is one of the book-out sheets required for used cars. However, this document requires an __________ by the __________ before we can use it.

Underwriter

Approval

2

What is a stipulation (or credit stipulation)? Additionally, can you give us two examples of stipulations?

Proof of Residence/Address

Proof of Name

Proof of Date of Birth

Proof of Income

Proof of Verification of Employment

3

What is the name of the PDF file that contains the list of all approved contract forms and credit application forms?

HOW DO I

4

What stipulations can underwriters help us clear?

Proof of Trade

Proof of Paid Account

Proof of Income

5

What is the name of the insurance document that is not typically required unless the underwriter determines that the customer's record is poor enough to impact their application?

Agreement To Provide Insurance Form