Owner Retain Approval Criteria Quiz
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Questions and Answers

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?

  • Cosmetic Damage
  • Collision (correct)
  • Mechanical Failure
  • Natural Disaster

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?

<p>$2,000 (C)</p> Signup and view all the answers

What happens if the insurance company's settlement for the Owner Retain is below 60% of the payoff amount?

<p>The customer must pay the difference (A)</p> Signup and view all the answers

How is the required payment amount calculated if the insurance settlement is not 60% of the payoff amount for an Owner Retain?

<p>By multiplying 60% by the payoff amount (D)</p> Signup and view all the answers

What happens if the settlement amount is within 60% of the payoff and the document listing 3 items is received?

<p>Customer is required to pay the difference between the insurance company settlement and the payoff in a lump sum. (A)</p> Signup and view all the answers

Under what circumstances would an owner retain be unapproved?

<p>If any of the required criteria are not met or if the loss is due to collision. (A)</p> Signup and view all the answers

What is the purpose of a Hold Harmless letter for owner retain accounts with positive equity?

<p>To replace the Letter of Guarantee (LOG). (B)</p> Signup and view all the answers

When should Rep 2s reach out to Rep 1s for assistance regarding owner retain calls?

<p>When the account does not qualify for a Hold Harmless letter. (D)</p> Signup and view all the answers

What action is required for accounts where the vehicle was sold by a tow yard after total loss?

<p>The customer is eligible for a lowered payment. (A)</p> Signup and view all the answers

When should Reps send an email to TM and TL for requesting exceptions related to Hold Harmless letters?

<p>If they believe an exception should be made due to extenuating circumstances. (D)</p> Signup and view all the answers

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