Auto Loan Checklist (PDF)

The four types of auto loan types are Private Party Purchase Loans, Refinance Loans, Dealership Loans, and Lease Buyout Loans. Below are the different requirements for each type. **[Private Party Purchase Loans:]** Pre-Closing - Refer to Secured loans procedure, Collateralized Loan Document...

The four types of auto loan types are Private Party Purchase Loans, Refinance Loans, Dealership Loans, and Lease Buyout Loans. Below are the different requirements for each type. **[Private Party Purchase Loans:]** Pre-Closing - Refer to Secured loans procedure, Collateralized Loan Document Guideline, Title Processing - Guide and Accepting Electronic Title procedures for all details - Copy of the Title, Check name on title and Check for lienholder - Get NADA/JD Power for value - Complete collateral tracking record with all information, including mileage - Complete CARFAX - Print and Scan - Get Proof of insurance - Get Proof of income, Verify income and update the application - Scan all documentation into synergy under the correct folder/doc type Getting Ready to Close, Need to have the following: - Original title - 10 day payoff, if there was a lien - Confirm the amount to finance - Confirm that ACCU is lien-holder on insurance with the Texas Address - Title work for the type of loan closing, (auto or boat etc.) - Complete UCC1, if needed - Confirm income has been verified and scanned in Closing the Loan, complete the following: - Confirm funding instructions - Place lien on the original title - Scan a copy in synergy - Confirm that ACCU is listed as lien holder on the insurance with the below Texas address: PO Box 924402 \| Fort Worth Tx 76124-4402 - Member will take original title, application for title, & release of lien (if needed) to DMV to transfer the title to their name as owner and place lien for ACCU. - Fax or e-mail copy of the insurance to State National with ACCU as lien holder to 1-877-451-3548 or allianceccu\@myloaninsurance.com - Verify that all supporting documents have been imaged to synergy under the appropriate folder/doc type. **[Refinance Loans:]** Pre-Closing Refer to Secured loans procedure, Collateralized Loan Document Guideline, Title Processing Guide and Accepting Electronic Title procedures for all details Members can refinance collateral from another financial institution. The names on the title may be the same as the borrowers who applied. However, it is possible for one or both names on the title to apply for the loan. Ask for a copy of the Title - Check name(s) on title - Check for lienholder Complete the following: - Get the collateral tracking record with all information, including mileage - Complete CARFAX - Get Proof of insurance - Get Proof of income - Verify after decisioning - Scan all documentation into synergy under the correct folder/doc type Getting Ready to Close: - Get Original title - 10 day payoff if there was a lien, if needed - Confirm owners on title - Only the borrower(s) can be named as owner on title - If there were 2 names on the title, and the member wants both names to remain on the title, then both parties need to be on the loan. - Confirm the amount to finance - Proof of insurance with ACCU listed as lien holder with the below Texas address: PO Box 924402\| Fort Worth Tx 76124-4402 - Title work for the type of loan closing, (auto or boat etc.) - Complete UCC1 if needed - Confirm income has been verified - Complete funding instructions - Scan all documentation into synergy under the correct folder/doc type Closing the Loan, complete the following: - Place lien on title - If names are changing on the title, then the member will need to go to Secretary of State to change the owners on title. - If there are no name changes, Send the original title and title work to Lending Support - Lending Support will mail documents to MI DMV to place ACCU as lien holder - Complete funding instructions - Confirm that ACCU is listed as lien holder on the insurance - Fax or e-mail proof of insurance with ACCU as lien holder to State National 1-877-451-3548, **[Dealership Loans: ]** Pre-Closing - Refer to Secured loans procedure, Collateralized Loan Document Guideline, Electronic Title procedures for all details. - Purchase agreement for MI dealership -All out of state purchases must be approved by Lending - Dealer invoice/ RD-108 for new collateral purchase for value - NADA/JD Powers for value of used collateral - Complete collateral tracking record with all information, including mileage - CARFAX - Print and Scan - Proof of insurance - Proof of income - Verify after decisioning - Scan all documentation into synergy under the correct folder/doc type Getting Ready to Close: - Confirm the amount to finance - Place lien with the dealership Admin Address and Lien Code ID - Confirm the owner's name on title with the dealership - This can only be the members/borrowers who are on the loan - Confirm that ACCU is lien-holder on insurance with the below Texas address: PO Box 924402 \| Fort Worth Tx 76124-4402 - Complete funding instructions: Checks made payable to dealer must have dealership stamp on back - Confirm income has been verified and scanned in. After Closing - Fax or e-mail proof of insurance with ACCU as lien holder to State National 1-877-451-3548 or allianceccu\@myloaninsurance.com - Verify that all supporting documents have been imaged to synergy under the appropriate folder/doc type. **[Lease Buyout Loans:]** Pre-Closing - Refer to Secured loans procedure, Collateralized Loan Document Guideline, Title Processing Guide and Accepting Electronic Title procedures for all details - Lease buyout package or RD-108 - Most leasing companies mail this packet to the lessee on the vehicle - It should include who can purchase the lease vehicle - This may include an odometer statement which needs to be completed by the lessee. - The packet will indicate the buyout amount to finance - It should include sales tax - Copy of vehicle registration - Some buyout packages do not indicate all the lessees who qualify to purchase the lease vehicle. The registration will verify the lessees on the vehicle - Only the lessees can purchase their lease vehicle. - NADA/JD Power for value - Complete collateral tracking record with all info, including mileage - Complete CARFAX, then Print and scan - Get Proof of insurance - Proof of income - Verify after decisioning - Scan all documentation into synergy under the correct folder/doc type Getting Ready to Close - The leasing company has the original title and this needs to be mailed to ACCU Admin address o So you will not have a title at closing - Get the Lease buyout packet - Confirm the amount to finance - Confirm that ACCU is lien-holder on insurance with the below Texas address: PO Box 924402\| Fort Worth Tx 76124-4402 - Title work - Member takes original title and Application for Title to SOS - Confirm income has been verified Closing the Loan - Confirm funding instructions - Mail check to the leasing company - Complete the Payoff letter for secured loans - Complete the Odometer statement, if there is one - Give a copy of the title work to the member - When the lease is paid off, the title will probably be mailed to ACCU If the title is mailed to ACCU, Lending Support will place lien on the title and mail the necessary documents to the member. - Lending Support will call the member to let them know that the title and supporting documents will be sent to them in the mail. - Inform the member that they will take the original title, application for title and special mailer & proof that sales taxes had been paid ( bill of sale) to MI DMV to transfer the title to their name as owner and place lien for ACCU. - It is possible that that the leasing company may mail the title directly to the member. Inform the member that they will need to take the original title, application for title and special mailer & proof that sales taxes had been paid ( bill of sale) to MI DMV to transfer the title to their name as owner and place lien for ACCU - Confirm that ACCU is listed as lienholder on the insurance - Fax a copy of the insurance to State National, 877.451.3548 - Verify that all supporting documents have been imaged to synergy under the appropriate folder/doc type.