Vehicle Loan
Flashcard
•
Professional Development
•
Professional Development
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
When communicating with Underwriting we want to...
Back
Be Clear and Concise, Be the Member's Advocate, Fill in the Blanks for Anyone Who Reads the Comments.
Answer explanation
When communicating with Underwriting, we want to be sure that we are communicating the entire story in a clear, concise manner. Out duty is to wrap up the request and fill in the blanks for anyone who may hop into that application.
2.
FLASHCARD QUESTION
Front
If the Member owns a vehicle free and clear and they want to use the Positive Equity for cash back... this type of loan is called:
Back
Clear Title Cash Out
Answer explanation
If the Member owns the vehicle, we can use the Positive Equity within the vehicle to secure the request. We would need to pull the vehicle value to help determine what we would be able to lend.
3.
FLASHCARD QUESTION
Front
If the Member lives in Nebraska and they are purchasing a vehicle in Florida, we will need to gather POAs in order to finance this type of loan.
Back
False
Answer explanation
We cannot move forward with the vehicle and the Member being in two separate states (that does not include Ohio). The Member can purchase the vehicle and look into refinancing with us once they've received the title.
4.
FLASHCARD QUESTION
Front
This type of Loan Insurance Product cannot be added after the loan is booked, without refinancing.
Back
Credit Life/Credit Disability
Answer explanation
We cannot add Credit Life/Credit Disability after the loan has been booked without refinancing the loan. If the Member would like this added, we would need to enter in a new application.
5.
FLASHCARD QUESTION
Front
This Loan Insurance Product is a waiver benefit to protect the Member's positive equity in their vehicle.
Back
Depreciation Protection
Answer explanation
DPW Protection applies to the value at the time of Depreciation Purchase. If the vehicle is declared a total loss, they are provided a waiver for the Positive Equity that they had originally within the vehicle - this can be used to apply it as a down payment on another vehicle if the Member wanted.
6.
FLASHCARD QUESTION
Front
What values do we need to pull for a Boat Loan? Options: Vessel, Outboard Motor, Trailer, All of the above
Back
All of the above
Answer explanation
We need to pull value for all three items: Vessel, Outboard Motor, and Trailer in order to properly decision a Boat Loan. You can do this by clicking "Add Vehicle" in the "Vehicle Info" section. If the motor is inboard, we will not need value.
7.
FLASHCARD QUESTION
Front
Power of Attorney forms are needed when...
Back
WPCU will be taking care of the title work
Answer explanation
POAs grant WPCU permission to process the title work for the seller and the buyer. If we are processing the title (refinances, casual sale still financed etc.) we will need POAs signed by all parties.
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