Finance & Insurance - Lessons Learned
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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?

<p>QRT.LIC Exp Date</p> Signup and view all the answers

In the command 'TCL where TCL COMMAND = MM.PGM.LIST.GROUPS', A/c-ADP Fun is ________.

<p>ADP Fun</p> Signup and view all the answers

Which institution was formerly known as the Navy Army Community Credit Union?

<p>Rally Credit Union</p> Signup and view all the answers

The SL logon can be created in DMS without notification.

<p>False</p> Signup and view all the answers

If you need lender codes, remember to check the ________ workbook.

<p>workbook</p> Signup and view all the answers

What is the function to copy RPG reports from Source to Target?

<p>BP-COPY-RPG</p> Signup and view all the answers

What correction should be made regarding the lease banks?

<p>Omit special characters</p> Signup and view all the answers

Mileage Factor Fields must match for FORD Screens and GENERIC1/GMAC Screens.

<p>False</p> Signup and view all the answers

Which lender code should be used for Tulsa Teachers Credit Union?

<p>TTCU</p> Signup and view all the answers

When is it important to add a comment in the checklist?

<p>When there is no information on rate type or acquisition fee type.</p> Signup and view all the answers

We should not wait for handling if everything is ready except the _________.

<p>UUP password</p> Signup and view all the answers

Which of the following corrections were required from the team in July '22? (Select all that apply)

<p>TCL</p> Signup and view all the answers

Corrections for Full Installs were only required in July '22.

<p>False</p> Signup and view all the answers

What were the corrections required from the team in September '22?

<p>Model Lines, FI Installs, ML Setup, Deal Testing, QRT Rush, MVP, Work a Quote (WAQ), FI Setup, TCL Function</p> Signup and view all the answers

The function that was suggested for copying banks from Primary to other addresses is ___.

<p>FI account, FICP (Fin Inst Copy Primary)</p> Signup and view all the answers

For Lease deals, only one possible rate type exists.

<p>False</p> Signup and view all the answers

Match the corrections to their respective months for the year 2022:

<p>Deal Testing = July '22 flex to Drive = October '22 QRT Rush = September '22 FI Setup = November '22</p> Signup and view all the answers

What should be avoided while configuring labels in Vehicle Accounting Sales screens?

<p>Copy-paste errors</p> Signup and view all the answers

Which of the following tasks should be verified in regards to Deal Testing? (Select all that apply)

<p>Cash Down for Cash Deal</p> Signup and view all the answers

What is important to know about the AP function concerning labels?

<p>Avoid copy-paste errors and follow default steps.</p> Signup and view all the answers

Corrections are only required from the teams once a year.

<p>False</p> Signup and view all the answers

What should the service contract profit type be changed to in lease fees when it is 'N'?

<p>B</p> Signup and view all the answers

What are the lender codes for Mercedes-Benz and Banc of America Leasing and Capital LLC?

<p>Mercedes-Benz is the lender code for Diamler Trust; BOA is the lender code for Banc of America Leasing and Capital LLC.</p> Signup and view all the answers

The UUP password can be found when the function is password protected.

<p>False</p> Signup and view all the answers

FIU is required on QRT at all times.

<p>False</p> Signup and view all the answers

In F&I, the disposition fee for lease banks should be updated to _____ for all banks.

<p>N</p> Signup and view all the answers

Which of the following is NOT mentioned as a requirement in the KT sessions?

<p>Updating the UUP password regularly</p> Signup and view all the answers

What should be the action if any errors are found while performing setups?

<p>Mention those in the body of the email and highlight them.</p> Signup and view all the answers

What acronym is used for 'Buy Here, Pay Here' dealerships?

<p>BHPH</p> Signup and view all the answers

Service contracts should always be tagged even if they are not defined.

<p>False</p> Signup and view all the answers

Which item is mentioned as something that should not be tagged in gross warranty?

<p>Not defined products</p> Signup and view all the answers

In what situation is residual value expected to be 50%?

<p>Lease Deal</p> Signup and view all the answers

What should you consider if there are two different sale accounts for a model?

<p>Pick the one which is available in Knowledge Base</p> Signup and view all the answers

The year for TCL setups should always be the current year.

<p>True</p> Signup and view all the answers

What should be done if a field is missed in the first screen of a deal?

<p>Type 'DP' or 'DL' in the command and check for missing fields.</p> Signup and view all the answers

Finance Institutions should use ______ instead of FEDERAL calc method.

<p>HYUNDAI1</p> Signup and view all the answers

Which statement is true regarding multiple store setups?

<p>All data must be fully added in TCL</p> Signup and view all the answers

What should you do if the ins1 field is blank in DMS?

<p>Keep it blank in the DT workbook as well.</p> Signup and view all the answers

Cloning from state standards is common for Enterprise Clients.

<p>True</p> Signup and view all the answers

What should you do if you are asked to copy setups from one logon to another?

<p>Check insurance rates as well</p> Signup and view all the answers

What is the lender code for Chrysler Capital?

<p>DCS</p> Signup and view all the answers

Match the following insurance fields with their respective descriptions:

<p>Ins1 = Auto Group Ins2 = Auto Group Gap Ins3 = Auto Group Maintenance Gap = General Assurance Protection</p> Signup and view all the answers

If a loan account ends with D or L, it should not be used because D stands for ______ and L stands for ______.

<p>dealer trade, lease</p> Signup and view all the answers

What should you do before performing FIU?

<p>Delete CL/AH lines if no information is present.</p> Signup and view all the answers

What should you do if NA VIC requests setups?

<p>Check if they are billed or not.</p> Signup and view all the answers

All deals require the G screen to show a sell rate more than the buy rate.

<p>True</p> Signup and view all the answers

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

  • 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)

  • Workbook Differentiation: Recognize variations in workbooks received from NA VIC, noting the presence of additional sheets versus simple report formats.

  • Lease Bank Addition: Adding banks involves several specific steps, considering different parameters such as addresses and fees (e.g., FMCCL bank).

  • Setup Validation: Manual verification is essential, not solely relying on automated formulas.

  • Lender Codes: Reference specific lender codes, like Tulsa Teachers Credit Union for TTCU bank.

  • 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.
  • 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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Related Documents

CDK GLOBAL KT Session for FE FY'24 PDF

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.

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