Financial Terms
What are the 2 types of Personal Loan?
Secured and Unsecured
Composed of 17 characters (digits and capital letters) that act as a unique identifier for the vehicle.
VIN (Vehicle Identification Number)
What does "AA" mean in Application status?
Pending Hardpull/ Auto approval; initial
Threshold for hold time.
2 minutes for all scenarios
The process of identifying whether an income document can be used for income calculation based on some guidelines depending on the type of document.
Income Validation
The amount you are charged for borrowing money, shown as a percentage of the total amount of the loan.
Interest Rate
It’s how many kilometers the is vehicle going to run per liter of fuel
Mileage
What does "VI" mean in Application status?
Verification in progress; for Service First review.
What type of voicemail this is?
Hello, this is (name) with Reprise Financial. This message is for (Applicant’s first & last name)
Please give us a callback today at 877-505-6780. Thank you, we look forward to speaking with you.
Direct Mail
Types of Income Document
Bank Statement, Paystub and Plaid
The process of negotiating with creditors to reduce and extinguish overall debts in exchange for a lump sum payment.
Debt Settlement
Used to guarantee payment of a debt. It's a legal claim that a creditor can place on the debtor's property giving them the right to those assets
Lien
Interest rate range we charge to the customer
9.99% to 35.99%
“This call is recorded for quality assurance purposes”.
Refers to any form of income that falls outside the conventional or typical sources of earnings. It includes income streams that are not part of regular employment or traditional salary arrangements.
Non-Standard Income
A three-digit number, usually on a scale of 300 to 850, that estimates how likely a person will repay borrowed money and pay bills.
Credit Score
A contract outlining the terms under which one party agrees to rent an asset in this case, property owned by another party
Leased
What are the 3 credit reporting agencies?
Experian, Equifax and Transunion
When to provide VRD?
At the beginning of every call, Inbound calls, Outbound calls, Conference calls and Any third party that will join the call
When can we include the full third deposit of the customer if the customer is paid Bi-weekly and there’s a third deposit in the statement?
If we have at least 60 days (or two full months) of bank statements. If not, only half of that extra deposit may be included.
This is also known in the U.S. as a credit reporting agency. An organization that collects and researches individual credit information and sells it to creditors for a fee, so they can make decisions about extending credit or granting loans.
Credit Bureau
At some point the car was so badly damaged it was declared an actual total loss—or "totaled"—by an auto insurance company.
Rebuilt Title
5 Mode of payments
Online payment, ACH, Checks, Pay by Phone and Cash thru money gram
Security Questions to Validate
For Outbound Call
First and Last Name (Suffix if applicable) only, The Right Party Contact must establish, Last 4 of SSN
For Inbound Call
First and Last Name (Suffix if applicable), Another 1 piece of Non-Public Personal Information (NPPI)
How to do paystub calculation using YTD?
1.Look for Net YTD (Year to Date)
2.For pay period Start, enter “01/01/ of the current year.
3.Enter the End date from Paystub on Pay Period End.
4.Total Net YTD – you will take straight from paystub.
5.Enter 401k if applicable, using YTD 401k.