Podcast
Questions and Answers
What is the primary factor that determines if an Owner Retain will be approved or unapproved?
What is the primary factor that determines if an Owner Retain will be approved or unapproved?
- Insurance Premium
- Cause of Loss (correct)
- Customer's Age
- Vehicle Model
Which type of loss automatically leads to an unapproved Owner Retain?
Which type of loss automatically leads to an unapproved Owner Retain?
- Cosmetic Damage
- Collision (correct)
- Mechanical Failure
- Natural Disaster
What criteria must be met for an Owner Retain can be approved ?
What criteria must be met for an Owner Retain can be approved ?
- Salvage title reported to the DMV
- Damage due to mechanical circumstances
- Settlement equal to 40% of the payoff amount
- Insurance maintaining Full coverage (correct)
If the insurance settlement for an Owner Retain is $4,000 and the payoff amount is $10,000, how much would the customer have to pay to meet the 60% settlement requirement?
If the insurance settlement for an Owner Retain is $4,000 and the payoff amount is $10,000, how much would the customer have to pay to meet the 60% settlement requirement?
What happens if the insurance company's settlement for the Owner Retain is below 60% of the payoff amount?
What happens if the insurance company's settlement for the Owner Retain is below 60% of the payoff amount?
How is the required payment amount calculated if the insurance settlement is not 60% of the payoff amount for an Owner Retain?
How is the required payment amount calculated if the insurance settlement is not 60% of the payoff amount for an Owner Retain?
What happens if the settlement amount is within 60% of the payoff and the document listing 3 items is received?
What happens if the settlement amount is within 60% of the payoff and the document listing 3 items is received?
Under what circumstances would an owner retain be unapproved?
Under what circumstances would an owner retain be unapproved?
What is the purpose of a Hold Harmless letter for owner retain accounts with positive equity?
What is the purpose of a Hold Harmless letter for owner retain accounts with positive equity?
When should Rep 2s reach out to Rep 1s for assistance regarding owner retain calls?
When should Rep 2s reach out to Rep 1s for assistance regarding owner retain calls?
What action is required for accounts where the vehicle was sold by a tow yard after total loss?
What action is required for accounts where the vehicle was sold by a tow yard after total loss?
When should Reps send an email to TM and TL for requesting exceptions related to Hold Harmless letters?
When should Reps send an email to TM and TL for requesting exceptions related to Hold Harmless letters?
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