Questions and Answers
What should follow 'CDKTEST' in the Buyer Info function?
Your respective company number
For every store, Co-Buyer info requires a numeric addition.
False
What should be done if there is a mismatch with the state standard box for CA state?
Inform NAVIC
Which fields are necessary for CA State in QRT setups?
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In the command 'TCL where TCL COMMAND = MM.PGM.LIST.GROUPS', A/c-ADP Fun is ________.
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Which institution was formerly known as the Navy Army Community Credit Union?
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The SL logon can be created in DMS without notification.
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If you need lender codes, remember to check the ________ workbook.
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What is the function to copy RPG reports from Source to Target?
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What correction should be made regarding the lease banks?
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Mileage Factor Fields must match for FORD Screens and GENERIC1/GMAC Screens.
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Which lender code should be used for Tulsa Teachers Credit Union?
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When is it important to add a comment in the checklist?
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We should not wait for handling if everything is ready except the _________.
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Which of the following corrections were required from the team in July '22? (Select all that apply)
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Corrections for Full Installs were only required in July '22.
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What were the corrections required from the team in September '22?
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The function that was suggested for copying banks from Primary to other addresses is ___.
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For Lease deals, only one possible rate type exists.
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Match the corrections to their respective months for the year 2022:
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What should be avoided while configuring labels in Vehicle Accounting Sales screens?
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Which of the following tasks should be verified in regards to Deal Testing? (Select all that apply)
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What is important to know about the AP function concerning labels?
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Corrections are only required from the teams once a year.
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What should the service contract profit type be changed to in lease fees when it is 'N'?
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What are the lender codes for Mercedes-Benz and Banc of America Leasing and Capital LLC?
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The UUP password can be found when the function is password protected.
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FIU is required on QRT at all times.
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In F&I, the disposition fee for lease banks should be updated to _____ for all banks.
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Which of the following is NOT mentioned as a requirement in the KT sessions?
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What should be the action if any errors are found while performing setups?
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What acronym is used for 'Buy Here, Pay Here' dealerships?
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Service contracts should always be tagged even if they are not defined.
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Which item is mentioned as something that should not be tagged in gross warranty?
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In what situation is residual value expected to be 50%?
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What should you consider if there are two different sale accounts for a model?
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The year for TCL setups should always be the current year.
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What should be done if a field is missed in the first screen of a deal?
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Finance Institutions should use ______ instead of FEDERAL calc method.
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Which statement is true regarding multiple store setups?
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What should you do if the ins1 field is blank in DMS?
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Cloning from state standards is common for Enterprise Clients.
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What should you do if you are asked to copy setups from one logon to another?
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What is the lender code for Chrysler Capital?
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Match the following insurance fields with their respective descriptions:
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If a loan account ends with D or L, it should not be used because D stands for ______ and L stands for ______.
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What should you do before performing FIU?
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What should you do if NA VIC requests setups?
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All deals require the G screen to show a sell rate more than the buy rate.
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Study Notes
Corrections and Improvements in Finance & Insurance Processes
- Team corrections highlighted over multiple months reflect significant learnings from errors in processes related to Finance & Insurance.
- Focus on learning from mistakes contributes to operational efficiency and improved accuracy in various setups (FI setups, QRT setups, Deal Testing).
Monthly Review Sessions
- KT Sessions held monthly from July 2022 to July 2023 to address corrections and provide updates on various products and procedures.
- Each session identified essential corrections in processes such as Deal Testing, Full Installs, QRT Setups, and Model Lines, ensuring adherence to standards.
Key Areas for Correction
- FI Setups required ongoing adjustments, including checking lender codes, ensuring accuracy in model lines, and adhering to default steps.
- Deal Testing emphasized the need for accuracy in buyer and co-buyer information, and manual entry of county details where necessary.
- QRT Setups highlighted mandatory checks on required fields and configurations in the source vs. target analysis, stressing the importance of details for compliance.
Specific Correction Examples
- July 2023: In Deal Testing, corrections ensured any mistakes in buyer info reflected throughout all deals.
- June 2023: Emphasis on proper TCL Function setups, verification of year, and correct lender codes.
- October 2022: Importance placed on adding correct bank information, disclosure types, and ensuring complete configurations for deal setups.
Best Practices and Suggestions
- Refrain from copy-paste errors in configurations, ensure timely completion of setups, and abide by existing protocols while coordinating within the team.
- Continuous improvement observed in processes, with calls for attentiveness to detail, such as avoiding missing comments or details in Salesforce entries.
Communication and Coordination
- Team discussions stressed the significance of combining efforts when multiple stores involved in projects to avoid duplicated steps and errors.
- Clear communication protocols suggested for revisiting and correcting client information and ensuring all updates are reposted effectively.
Lender Codes and Banking Procedures
- Examples of lender codes such as Rally Credit Union and changes through mergers (Capital Bank to First Horizon Bank) underscore the need for accurate financial institution configurations.
- Understanding the structure of financial institutions (e.g., franchises) aids in correct lender code assignment, impacting overall setup accuracy.
Final Observations
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Overall, the key focus has been on leveraging past mistakes to bolster learning and implementation of precise operations, reflecting a responsive culture to continuous improvement in Finance & Insurance operations.### Corrections from KT Sessions (July - October 2023)
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Workbook Differentiation: Recognize variations in workbooks received from NA VIC, noting the presence of additional sheets versus simple report formats.
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Lease Bank Addition: Adding banks involves several specific steps, considering different parameters such as addresses and fees (e.g., FMCCL bank).
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Setup Validation: Manual verification is essential, not solely relying on automated formulas.
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Lender Codes: Reference specific lender codes, like Tulsa Teachers Credit Union for TTCU bank.
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Dealer Groups List: Access dealer or store groups through the command A/c-ADP Fun-TCL with TCL COMMAND = MM.PGM.LIST.GROUPS.
August 2023 Highlights
- Financial Statement Guidelines: Consult the knowledge base provided earlier for compliant financial statement submissions.
- Repetitive Updates: Acknowledge ongoing notes about AutoNation in FI Weekly Reports that require regular checks.
- RPG Report Transfer: Use the function BP-COPY-RPG for transferring reports, strictly running it in Source accounts only.
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F&I Adjustments:
- Texas state taxes should follow workbook specifics, disregarding common state standard boxes.
- Lease deal calculations call for singular APR or LMF values in designated fields.
- Review snapshot additions from documents carefully when essential fields are missing on homepages.
September 2023 Adjustments
- Finance Institutions Update: Remove special characters in bank codes based on recent directives to simplify identification (e.g., maintain 'BBT' without extra characters).
- Lease Bank Procedures: When handling FORD lease setups, ensure all necessary steps in various methods are completed before finalizing.
- Employee Identification: Address issues of duplicate employee IDs with similar job codes but different names, opting for comprehensive detail when conflicts arise.
- Multi-Store Projects: Ensure consistency in finance institutions and We-Owe reports across multiple stores by focusing on common entries first.
October 2023 Notes
- Enterprise Client Clarification: OWL projects are not classified as enterprise clients; rather, they operate as consulting companies for dealerships.
- Template Consistency: In FI setups, maintain the same template structures from source to target, including updating missing trim levels as needed.
- Sales Account Restrictions: Avoid using sale accounts that end with D or L related to dealer trade or lease activities in financial setups.
- Access Issues: If passwords are misplaced for specific screens, use SEC passwords as backups for necessary deal testing.
General Recommendations
- Continuous Learning: Engage in team meetings when multiple stores are covered in a single project to share findings and avoid similar errors across different logons.
- Documentation and Comments: Make thorough notes in checklists explaining variations from workbook instructions, especially in multifaceted projects.
- Snapshot Integrity: Always ensure that screenshots and validations from previous setups are updated to reflect the latest data accurately.### FIU and Screen Checks
- Post-FIU, verify if CL/AH lines appear on the Custom Screen.
- Field 4 details become visible when hovered over, ensuring target matches with the source.
Key Actions for October 2023
- Update tax rates and sale types in FI based on workbook comparisons.
- TCL requires focus on current year and month; errors highlighted for discrepancies.
- Ensure VMU & MP tagging corresponds with the right country and store province.
Lender and Insurance Codes
- Use bank name for lender codes instead of bank codes to ensure accuracy.
- Verify insurance rates during setups and check if they need to be transferred between logins.
Deal Testing Protocols
- All deal snapshots must be captured on the Gross Screen; ensure sale types and employee data are filled on Misc Screen.
- Always confirm actual cash value on Tradestk1 and Tradestk2 screens, regardless of sale screen listing.
- Reconfirm any changes made for Buyer and Co-Buyer post-QA to update deal details.
Model Line and Selection Standards
- Check for proper account numbers aligned with COA when different sale accounts are indicated for a model.
- Update case comments in FS Cases before dispatch; raise cases for any incomplete address information.
Future Corrections for November and December 2023
- For vehicle accounts, follow best practices by using the same sale accounts across similar models unless specified otherwise by VIC.
- Monitor invoice details as required by NA VIC for Honda & CUDL setups to avoid oversight.
- Ensure sell rates exceed buy rates and update if necessary; use the updated workbook as guidance.
QRT and AP Function Updates
- Maintain accurate lender codes aligned with respective bank names; confirm details for new setups.
- Confirm the integrity of documents uploaded for QA; attach relevant communication from NA VIC/PM.
January 2024 Adjustments
- Modify service contract profit types accordingly and ensure the checklist for CAVS is addressed.
- Use assigned passwords for protected functions and manage banks and their addresses carefully to avoid duplicates.
April and May 2024 Guidelines
- Establish clear communication regarding setups in multi-store projects to prevent the same errors across stores.
- Review lender codes consistently; send errors found during setups to the respective NA VIC promptly.
- Adjust virtual billing protocols and ensure all necessary data and information are accurately aligned in various formats.
General Best Practices
- Confirm all insurance values align correctly with respective data when adding to test deals.
- Practice thorough checks on all setups to maintain integrity in data transfer and logging.
- Regularly revisit and update case documentation ensuring all details are succinct and accurate to maintain high operational standards.
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Description
This quiz covers important corrections needed in the Finance & Insurance sector based on mistakes observed in July 2022. Focused areas include Deal Testing and specific team improvements. Test your knowledge and understand common pitfalls in financial processes.
