Zurich 5 Flashcards
What sounds more professional than on the hook?
Financial responsibilty
Which part of the exterior talking point did you mess up?
Mentioning environmental hazards
What does loan to value mean?
Total amount financed divided by NADA clean trade in value
What are some ways you can decrease LTV to meet a stip
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
Where can you find NADA clean trade in value?
vAuto
What can Tier1 credit get regarding LTV?
130-140%
What can Tier6 credit get regarding LTV?
80%
What should you do to get 120% LTV?
Make multiple calls to different banks before telling customer a low interest rate that’s underfunded
What are the other trade in rating systems?
NADA trade in, KBB, and black book all found on vAuto
What’s the difference between sales manager approvals and finance manager approvals?
Sales managers get an easy approval whereas finance managers get the best approval for the deal
What’s CIT
contract in transit also known as money due
What’s a call back?
A conditional approval
What’re some examples of caps?
Max monthly payment and back end cap
What’s PTI
payment to income which is now more improtant than DTI
What’s DTI?
debt to income
What’s POI?
proof of income
What’s POR?
proof of residency
What’s important about talking about income?
Discovering before or after tax and the time frame - yearly weekly daily hourly etc
What’s OFAC?
Office of foreign asset control
What type of questions should you ask?
A or B because it forces them to answer one way or another and usually they give extra information
Why should you never ask yes or no questions?
Because they almost always say no
What should you do on phone calls?
Keep them away from pricing and focus on selling the appointment
