Podcast
Questions and Answers
Which document confirms the lien holder status for insurance in a Private Party Purchase Loan?
Which document confirms the lien holder status for insurance in a Private Party Purchase Loan?
- Copy of the Title
- Accu Authorization Letter
- Proof of Income
- Proof of Insurance with ACCU (correct)
What is the primary requirement for closing a Private Party Purchase Loan?
What is the primary requirement for closing a Private Party Purchase Loan?
- Original loan agreement
- Confirmation of funding instructions (correct)
- Verification of income has been scanned in
- Loan servicing manual
Which of the following is NOT a requirement for closing a Refinance Loan?
Which of the following is NOT a requirement for closing a Refinance Loan?
- Names on the title must match the loan applicants
- Verification of income from previous lenders (correct)
- Refer to Secured loans procedure guidelines
- Completion of UCC1 form if necessary
What is needed from the member when closing a Private Party Purchase Loan?
What is needed from the member when closing a Private Party Purchase Loan?
When verifying income for a Private Party Purchase Loan, which document must be included in the application?
When verifying income for a Private Party Purchase Loan, which document must be included in the application?
Which aspect of lien handling is part of the closing process for Private Party Purchase Loans?
Which aspect of lien handling is part of the closing process for Private Party Purchase Loans?
What must be confirmed regarding ACCU when preparing to close a Private Party Purchase Loan?
What must be confirmed regarding ACCU when preparing to close a Private Party Purchase Loan?
What is required from the borrower to confirm ownership on the title?
What is required from the borrower to confirm ownership on the title?
Which document must be scanned into synergy once it is collected?
Which document must be scanned into synergy once it is collected?
What should be done if there are two names on the title and both parties want to retain their names?
What should be done if there are two names on the title and both parties want to retain their names?
What proof must be provided showing ACCU as a lienholder?
What proof must be provided showing ACCU as a lienholder?
What is required to be completed if a UCC1 is necessary?
What is required to be completed if a UCC1 is necessary?
What must be done after verifying income for the loan?
What must be done after verifying income for the loan?
Which entity is responsible for mailing documents to MI DMV to place ACCU as a lienholder?
Which entity is responsible for mailing documents to MI DMV to place ACCU as a lienholder?
Which document provides the collateral tracking record necessary for the loan process?
Which document provides the collateral tracking record necessary for the loan process?
What must be done if names are changing on the title during the closing process?
What must be done if names are changing on the title during the closing process?
What must be approved before an out-of-state purchase can be completed?
What must be approved before an out-of-state purchase can be completed?
Which document is necessary to confirm the value of used collateral?
Which document is necessary to confirm the value of used collateral?
Who can purchase a lease vehicle according to the guidelines?
Who can purchase a lease vehicle according to the guidelines?
What should be done after closing to verify proof of insurance?
What should be done after closing to verify proof of insurance?
What must be scanned and saved in Synergy under the correct folder/doc type?
What must be scanned and saved in Synergy under the correct folder/doc type?
What detail must be confirmed regarding the title during the closing process?
What detail must be confirmed regarding the title during the closing process?
What additional detail might be included in a lease buyout package?
What additional detail might be included in a lease buyout package?
What needs to be indicated on checks made payable to the dealer?
What needs to be indicated on checks made payable to the dealer?
Which of the following documents is specifically referenced for funding instructions?
Which of the following documents is specifically referenced for funding instructions?
Flashcards
Private Party Purchase Loan
Private Party Purchase Loan
A loan used to purchase a vehicle from an individual.
Refinance Loan
Refinance Loan
A loan used to replace an existing auto loan with a new loan, potentially with a better interest rate or term.
Dealership Loan
Dealership Loan
The process of obtaining a loan from a financial institution to purchase a vehicle directly from a dealership.
Lease Buyout Loan
Lease Buyout Loan
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Getting NADA/JD Power for value
Getting NADA/JD Power for value
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Verify Income
Verify Income
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Place Lien on the Original Title
Place Lien on the Original Title
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Title Verification
Title Verification
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Original Title
Original Title
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10-Day Payoff
10-Day Payoff
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Title Ownership
Title Ownership
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Income Verification
Income Verification
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Funding Instructions
Funding Instructions
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Lien Placement
Lien Placement
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Title Name Change
Title Name Change
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Original Title Transfer
Original Title Transfer
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Lease Buyout Package
Lease Buyout Package
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Dealer Invoice (RD-108)
Dealer Invoice (RD-108)
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NADA/JD Powers (Used Vehicle Valuation)
NADA/JD Powers (Used Vehicle Valuation)
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Collateral Tracking Record
Collateral Tracking Record
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CARFAX
CARFAX
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Collateralized Loan Document Guideline
Collateralized Loan Document Guideline
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Title Processing for Vehicles
Title Processing for Vehicles
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Accepting Electronic Title
Accepting Electronic Title
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Study Notes
Auto Loan Types
- Four types of auto loans: Private Party Purchase, Refinance, Dealership, and Lease Buyout
- Different requirements for each type
Private Party Purchase Loans
- Pre-Closing: Refer to Secured loans procedure, Collateralized Loan Document Guideline, Title Processing Guide & accepting electronic Title procedures for details. Copy of title, check name on title, and check for lienholders. Get NADA/JD Power value. Complete collateral tracking with mileage. Complete CARFAX (print & scan). Get proof of insurance & proof of income. Verify income & update application, scan all docs to synergy.
- Getting Ready to Close: Original title, 10-day payoff (if lien), confirm finance amount. Confirm ACCU lien-holder on insurance (texas address). Confirm title work for loan type (auto/boat). Complete UCC-1 (if needed), verify & scan income.
- Closing the Loan: Confirm funding instructions, place lien on original title, scan title copy to synergy. Confirm ACCU as lienholder (Texas address). Member takes original title & application for title release of lien (if needed) to DMV. Fax/email insurance copy to State National. Verify all supporting docs imaged to synergy.
Refinance Loans
- Pre-Closing: Refer to Secured loans procedure, Collateralized Loan Document Guideline, Title Processing Guide, and Accepting Electronic Title procedures for details. Members can refinance from another institution. Names on title can be the same or different. Get a copy of the title, check name(s) on title, and check for lienholders.
- Complete the following: Get collateral tracking record (with mileage), complete CARFAX, proof of insurance, & proof of income. Verify income after decisioning. Scan all docs to synergy.
- Getting Ready to Close: Get original title. 10-day payoff (if lien). Confirm owners on title (if 2 names, both must be on loan). Confirm finance amount. Proof of insurance (ACCU as lienholder). Title work (type of loan). Complete UCC-1 (if needed). Confirm & scan income.
- Closing the loan: Place lien on title.If names change, go to Secretary of State to change owners.
Dealership Loans
- Pre-Closing: Refer to Secured loans procedure, Collateralized Loan Document Guideline, Electronic Title procedures. Purchase agreement (MI dealership), all out-of-state purchases must be approved. Dealer invoice/RD-108. Get NADA/JD Power value for collateral. Complete collateral tracking with mileage. Print & scan CARFAX, proof of insurance, proof of income, verify after decisioning. Scan all docs to synergy.
- Getting Ready to Close: Confirm finance amount, place lien with dealership, confirm owner's name on title. Confirm ACCU lienholder (Texas address). Complete funding instructions (checks made payable to dealer). Confirm & scan income.
- After Closing: Fax/email insurance proof (ACCU as lienholder) to State National.
Lease Buyout Loans
- Pre-Closing: Refer to Secured loans procedure, Collateralized Loan Document Guideline, Title Processing Guide, and Accepting Electronic Title for details. Lease buyout package (RD-108), vehicle lease package (possibly mailed to lessee). Documents may include odometer statement (completed by lessee).
- Getting Ready to Close: Get lease buyout package. Confirm finance amount. Confirm ACCU lienholder. Title work. Confirm & scan income.
- Closing the Loan: Confirm funding instructions. Mail check to leasing company. Complete payoff letter for secured loans.
- Additional: Complete odometer statement, copy of title work to member, title mailed to ACCU/Lending Support for lien placement, mail necessary documents to member.
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Description
This quiz covers the four types of auto loans, including Private Party Purchase, Refinance, Dealership, and Lease Buyout. It also details the requirements and processes involved in each loan type, specifically focusing on Private Party Purchase loans from pre-closing to closing. Test your knowledge on auto loan procedures and requirements.
