EXTENSION
All modifications created in our Delinquency are subject for review, approval and never guaranteed... Why?
All Extensions created in Delinquency are exceptions and will need SCM approval or higher
_____ ________ must be completed in full prior to a due date change being offered?
First payment must be completed
Recent extension disqualifies a customer from requesting a due date change. (and vice versa)
T/F
False:
However still subject to managers approval
Where can you find information on processes?
Knowledge articles
How long can it take for a repossession order to be cancelled?
1 business day
When are extensions a good option to bring account current?
EXTENSION MUST MAKE SENSE, MEANING DOES THE EXTENSION CREATED FALL IN LINE WITH COMPANY VISION AND PURPOSE?
Due date changes should be granted to align a due date with the customer's _______ ______? and not as a resolution for default
Pay schedule
What's the criteria needed to make an account Extension Eligible?
First 6 months of payment need to be completed.
30 DPD.
6 months from previous completed standard Ext.
Has not exceeded 3 Ext in last 12 months or 6 Ext in life of the loan.
If a customer calls in to pay an arrangement 1 day early, what do you do?
Update the payment arrangement to process today
The customer has completed 4 payments since the start of the loan. When is repossession a risk?
When creating standard extensions, the extension must do what for accounts status!
Must bring account to current status.
How many times can a customer have their due date changed and approved.
2x in life of loan
How many months can be extended in the life of loan.
6: 8: 10: 12
10
6 Standard Extensions
4 DT Cares Extensions
Where can you see if the customer has Gap coverage?
Go to vehicle details and change 'summary' to 'ancillary products'
What is the first payment default repossession rule?
Carvana - eligible at 30 DPD
Ally - eligible at 11 DD
GoFI - eligible at 45 DPD
When submitting a Mod request Auto Pay must be removed from the account but why?
A change to payment date of some kind
Within how many days should a payment be made when adding a receipt.
Within 2 business days.
Due to compliance reasons.
Do Covid Mods and DT Cares emergency mods count against the allowed mods in life of loan.
no
AUTHORIZED 3RD PARTY Called in stating that car was purchased for them and the due dates do not match their pay days.
We can discuss what due dates that work best for customer but will need Account holders on the phone line to create the DDC!
When can we submit a request to move the due date backwards?
Never