Zurich 5

Question 1

What sounds more professional than on the hook?

Answer 1

Financial responsibilty

Question 2

Which part of the exterior talking point did you mess up?

Answer 2

Mentioning environmental hazards

Question 3

What does loan to value mean?

Answer 3

Total amount financed divided by NADA clean trade in value

Question 4

What are some ways you can decrease LTV to meet a stip

Answer 4

Get more money down
Try a different lender
Discount car
Ask used car manager to put more on the trade
Last case scenario remove financing products

Question 5

Where can you find NADA clean trade in value?

Answer 5

vAuto

Question 6

What can Tier1 credit get regarding LTV?

Answer 6

130-140%

Question 7

What can Tier6 credit get regarding LTV?

Answer 7

80%

Question 8

What should you do to get 120% LTV?

Answer 8

Make multiple calls to different banks before telling customer a low interest rate that’s underfunded

Question 9

What are the other trade in rating systems?

Answer 9

NADA trade in, KBB, and black book all found on vAuto

Question 10

What’s the difference between sales manager approvals and finance manager approvals?

Answer 10

Sales managers get an easy approval whereas finance managers get the best approval for the deal

Question 11

What’s CIT

Answer 11

contract in transit also known as money due

Question 12

What’s a call back?

Answer 12

A conditional approval

Question 13

What’re some examples of caps?

Answer 13

Max monthly payment and back end cap

Question 14

What’s PTI

Answer 14

payment to income which is now more improtant than DTI

Question 15

What’s DTI?

Answer 15

debt to income

Question 16

What’s POI?

Answer 16

proof of income

Question 17

What’s POR?

Answer 17

proof of residency

Question 18

What’s important about talking about income?

Answer 18

Discovering before or after tax and the time frame - yearly weekly daily hourly etc

Question 19

What’s OFAC?

Answer 19

Office of foreign asset control

Question 20

What type of questions should you ask?

Answer 20

A or B because it forces them to answer one way or another and usually they give extra information

Question 21

Why should you never ask yes or no questions?

Answer 21

Because they almost always say no

Question 22

What should you do on phone calls?

Answer 22

Keep them away from pricing and focus on selling the appointment