At what point can we no longer sell Premium Coverage? (Miles/Years)
5 years, 60,000 miles
100
At what point can you no longer cancel the evolve GAP policy?
After 60 days from when the contract is signed
100
At what point can we no longer sell cosmetic care?
36,000 miles
100
Walkaway covers the member's negative equity up to how much?
$7500
100
What is the evolve late fee amount and when is it charged to the member?
$25 and on the 11th day
200
The member's VSC contract will be honored at all repair shops that have what certification for the mechanics?
Mechanics must be ASE Certified
200
Can you cancel GAP if you have made a GAP claim?
No.
200
What is a Run Flat Tire?
A Run Flat Tire is a tire that allows the member to drive on the tire that has been punctured BUT the tire cannot be patched. So if it is punctured the tire MUST be replaced. They are more expensive tires so T&W products on those cars are more expensive. Example: BMWs
200
What are the six events that trigger a Walkaway Claim?
1. Involuntary Unemployment 2. Physical Disability, 3. Loss of DL due to a medical impairment, 4. International Employment Transfer, 5. Self Employed Bankruptcy, 6. Accidental Death
200
What is the most common VSC term/mile/deductible that we sell at evolve?
84/100/$0
300
What is the name of the VSC company we use at evolve?
EFG Companies
300
If the member does not have any negative equity and his/her car gets stolen, how much will GAP pay towards the insurance deductible?
$0. For a GAP claim to be paid, there must be a GAP. If there is no GAP on the loan anymore, there is no benefit to the GAP coverage.
300
Is damage to chrome wheels covered?
No, only alloy wheels.
300
If the member is retired can he apply for the Walkaway benefit? Why?
Yes, because they could still receive the Walkaway benefit in the event of an Accidental Death or losing their DL due to a medical impairment. They would not be eligible to use the payment relief.
300
Who is Ken Walters?
The CEO at evolve Federal Credit Union
400
If a member makes $1500 in claims on a VSC that cost $2800 and then they decide to cancel the contract, how will their refund be calculated?
The member will be refunded the unearned portion of the VSC premium -- claims have no bearing on refund amounts.
400
The GAP waiver at evolve shall not exceed _____ months.
84
400
What is the cost for Ding & Dent?
$479
400
Can you sell Payment Relief separately from the Walkaway benefit?
No, not yet.
400
What allows you to extend the loan term 6 months? And what is the longest term we can extend to?
If a VSC is sold you can extend the loan 6 months. You can only extend the loan to 84 months max, so if you get a loan at 84, there is no term extension available.
500
Can we sell a VSC at evolve on a car with a snow plow for surcharge? If yes, what is the surcharge amount?
No, we do not cover cars with snow plows.
500
What is the maximum loan amount for GAP?
$100,000
500
If a plastic or glass panel is damaged will cosmetic cover Ding & Dent cover the repair?
No.
500
If you are involuntarily unemployed, what must you do to be eligible to file a Walkaway claim?
You must have been approved for the state unemployment benefits.
500
What is the age cut off for CL & CD? Can you sell a policy to a member who will reach the cut off during the term of the loan?
70 and yes, you can but once the member reaches 70 years old there is no CL & CD benefit available to them on the loan.