Quiz Four - Auto Equity

This test  covers Auto Equity loans, the new rules, and how they benefit your store. 

Auto Equity Test

What is the minimum credit score for a AE 125 Installment loan?

  • Teletrack 590
  • FICO 509
  • FICO 610
  • FICO 590

You should try to avoid having the customer in the pictures of the vehicle.

  • True
  • False

Where should you verify that the title is free and clear before issuing an AE Installment loan?

  • Your District Manager
  • Ask Your Customer
  • The title
  • Local Department of Motor Vehicles

When do we ask for a bank account for AE Installment Loans?

  • When the loan is over $2500
  • When the loan is over $1500
  • Never
  • Ask if they would like to add one for ease of payment

At what loan value are we required to be added as Loss Payee for AE Installment Loans?

  • $1000
  • $3000
  • $2500
  • $1500

Your District Manager is allowed to make exceptions on AE Installment Loans?

  • True
  • False

What two locations on the vehicle should you check to make sure the VIN matches?

  • The passenger door and back window
  • The drivers door and back window
  • The passenger door and dashboard
  • The drivers door and dashboard

You do not need to get a copy of the Title before sending it to be get the lien placed on it.

  • True
  • False

What numbers do you need to check to make sure they match on all documents?

  • The Vehicle Identification Number (VIN) and the License Plate Number.
  • The VIN # and the Registration #.
  • The VIN # and the Title #.
  • The Registration # and License Plate #.

What amount should you take the title down to the DMV ASAP! to get Lien placed on the title?

  • $1000
  • $1500 loan value
  • When you use the AE 125 Installment loan
  • $2500 loan value

What should you always double check you have a copy of before you place a lien on the vehicle?

  • The Registration
  • The Insurance
  • The Free and Clear Title
  • Customers Proof of Address

You should only fill out the information you want to on the vehicle inspection sheet?

  • True
  • False

What would not be the best business partners to grow in AE installment loans?

  • Costume Shop
  • Standard Car Maintenance Shop
  • Car Detail Shops
  • Car Wash Shops

You should get pictures of the outside and inside of the engine?

  • True
  • False

What documentation do we need for a title loan? (select all that apply)

  • Free and clear title
  • Pay Stub
  • Birth certificate
  • Proof of address

What is the document’s name we need to use for inspecting the vehicle?

  • Vehicle Inspiration Sheet
  • Vehicle Examination Sheet
  • Vehicle Inspector Sheet
  • Vehicle Inspection Sheet

Why do we want to push for more AE Installment loans? (choose all that apply)

  • Bigger Book
  • More Competitive
  • Increased Security
  • Less likely to default

What should you highlight in orange on your vehicle documents?

  • Name
  • Vehicle identification number
  • Vehicle information number
  • All of the above
  • None of the above

When should you fill out the Vehicle inspection sheet?

  • Only on AE 125 or AE 80 installment loans
  • All title and AE loans
  • Never
  • Only the new AE installment loans

What value amount do we go by on the NADA report, without a DM exception?

  • Rough Trade In
  • Average Trade In
  • Clean Trade In
  • Clean Retail