Vehicle Loan

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.

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.

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.

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.

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.

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.

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.

Front

In Ohio, taxes are determined by: The County the vehicle is titled in, The State the vehicle is titled in, The Country the vehicle is titled in, The Company titling the vehicle

Back

The County the vehicle is titled in

Answer explanation

Ohio determines taxes by the county the Member is titling the vehicle in. Tax is based off of the entire sales price of the vehicle. You can find the tax percentage in "Online Tools", "Ohio Sales Tax Finder".

Front

Every state has the same filing fee.

Back

False

Answer explanation

Each state's filing fee is different. You will need to determine what states are included in the loan to accurately determine all fees. You can find the different filing fees for each state in "Online Tools".

Front

Why is it important to determine if a vehicle is out of state?

Back

Can take more time, May need check in hand prior to pick up, Different fees, taxes, documents needed.

Answer explanation

It is the Originator's job to set proper expectations for each loan - If the Member is purchasing a vehicle out of state, this may take more time. The Member may also need to close in a MC to grab that check. We may need to grab a TGA, POA, or other State Specific Forms from the Member prior to closing.