Carfax Procedure PDF

Alliance Catholic Credit Union Carfax Procedure Summary of task: As a requirement to close on a used auto loan, a Carfax report will need to be pulled and reviewed before the loan is set up to close. It’s very important that you review the report to make sure the vehicle has never been totaled, R...

Alliance Catholic Credit Union Carfax Procedure Summary of task: As a requirement to close on a used auto loan, a Carfax report will need to be pulled and reviewed before the loan is set up to close. It’s very important that you review the report to make sure the vehicle has never been totaled, Rebuilt or salvaged. See the example of a Carfax report below. ACCU, will not loan for Salvaged or rebuilt cars. If you pull a report and see that the vehicle has been totaled/rebuilt/salvaged, you cannot close on the loan. This report is in addition to the NADA value, which is still required before closing. How to pull a Carfax report Members who are shopping for a vehicle can request a Carfax report through ACCU. The member can call in the request or stop in at any branch. There is a charge to the member for each report that is requested and must be paid for at the time of the request. When providing a report: The Carfax report doesn’t replace documentation needed for value – NADA is required. If the member has not already applied for the loan, submit an application, ran the Carfax report and index it in imaging under Carfax for the appropriate application I.D. ACCU will provide Carfax reports upon member request. The cost for each report is: o $20.00 o Deposit the funds into GL- 801095.branch Include member name & account # as a comment o All reports are good for 60 days The user (MSR) will need a user ID & password to access the Carfax website. Do not use your email address, as your user name, because it will populate on to the report. If you need your password reset, or any new employee’s need to be set up Contact Lending. If you are logging in for the 1st time, you will be prompted to change your password. This initial password is only good for 14 days. Approved by: Effective Date: Revised Date: 02.19.14 Alliance Catholic Credit Union Carfax Procedure To Access Carfax: http://www.carfaxbig.com/home/credit-union Type in your username (C999999) (you should have received an email with this information.) Type in your password Select: GO Type in the VIN # of the vehicle that you are researching. Select: GO Vehicle History Report will default in the drop down. You will be able to print the report for the member. If there is a loan application for this vehicle, scan the report under the app. There are 2 ways to email the report: To email the report to the member, select: Print report Microsoft XPS Document Writer Approved by: Effective Date: Revised Date: 02.19.14 Alliance Catholic Credit Union Carfax Procedure Select Print- you will be prompted to save the report to your desktop o The report will not actually print Change the file name & save it to your desktop Email it as an attachment to the member Or you can scan the report and then email it as an attachment. A Carfax report must be scanned in along with the NADA value, on all used Vehicle’s before closing. Example of a Carfax report. This is an example of an RD 108, which states that the title will be a salvaged title when the DMV transfers the ownership of the vehicle. Approved by: Effective Date: Revised Date: 02.19.14 Alliance Catholic Credit Union Carfax Procedure Approved by: Effective Date: Revised Date: 02.19.14 Alliance Catholic Credit Union Carfax Procedure Approved by: Effective Date: Revised Date: 02.19.14 Alliance Catholic Credit Union Carfax Procedure Approved by: Effective Date: Revised Date: 02.19.14