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