Auto Loan Types and Procedures

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Questions and Answers

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?

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?

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?

Original title and transfer forms Signup and view all the answers

When verifying income for a Private Party Purchase Loan, which document must be included in the application?

Complete collateral tracking record Signup and view all the answers

Which aspect of lien handling is part of the closing process for Private Party Purchase Loans?

Placing a lien on the original title Signup and view all the answers

What must be confirmed regarding ACCU when preparing to close a Private Party Purchase Loan?

They are listed as the lien holder on insurance Signup and view all the answers

What is required from the borrower to confirm ownership on the title?

Only the borrower(s) can be named as owner on the title Signup and view all the answers

Which document must be scanned into synergy once it is collected?

Proof of insurance Signup and view all the answers

What should be done if there are two names on the title and both parties want to retain their names?

Both parties must be on the loan Signup and view all the answers

What proof must be provided showing ACCU as a lienholder?

Proof of insurance with ACCU's Texas address Signup and view all the answers

What is required to be completed if a UCC1 is necessary?

A financing statement Signup and view all the answers

What must be done after verifying income for the loan?

Complete funding instructions Signup and view all the answers

Which entity is responsible for mailing documents to MI DMV to place ACCU as a lienholder?

Lending Support Signup and view all the answers

Which document provides the collateral tracking record necessary for the loan process?

A CARFAX report Signup and view all the answers

What must be done if names are changing on the title during the closing process?

Visit the Secretary of State to change the owners on title Signup and view all the answers

What must be approved before an out-of-state purchase can be completed?

Lending approval Signup and view all the answers

Which document is necessary to confirm the value of used collateral?

Dealer invoice/RD-108 Signup and view all the answers

Who can purchase a lease vehicle according to the guidelines?

Only the lessees themselves Signup and view all the answers

What should be done after closing to verify proof of insurance?

Fax or email it to State National Signup and view all the answers

What must be scanned and saved in Synergy under the correct folder/doc type?

All documentation Signup and view all the answers

What detail must be confirmed regarding the title during the closing process?

The owner's name on title must be those on the loan Signup and view all the answers

What additional detail might be included in a lease buyout package?

An odometer statement Signup and view all the answers

What needs to be indicated on checks made payable to the dealer?

A dealership stamp on the back Signup and view all the answers

Which of the following documents is specifically referenced for funding instructions?

Title processing guide Signup and view all the answers

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.