United Auto Credit Rules! Trivia Questions Quiz

29 Questions | By Hydemegan | Last updated: Mar 21, 2022 | Total Attempts: 56

Questions

Settings

Create your own Quiz

United Auto Credit Rules! Trivia Questions Quiz - Quiz

Questions and Answers

1.

What ancillary products does UAC offer its dealers?
- A.
  
  GAP
- B.
  
  VSC's
- C.
  
  Credit Life and Disability
- D.
  
  All of the above
- E.
  
  A and B only
2.

What is the maximum GAP advance in most states?
- A.
  
  5% of LTV but not to exceed 15% LTV
- B.
  
  $495
- C.
  
  $595
- D.
  
  $695
3.

Why do we sell ancillary products?
- A.
  
  Product's commission/markup on the sale of the product.
- B.
  
  Interest income on the additional amount financed.
- C.
  
  Income from finance contracts captured because the addition of the product made the dealer more money than could be earned with our competitors.
- D.
  
  All of the above.
4.

What is the maximum advance guideline on a UAC VSC?
- A.
  
  Full stated retail.
- B.
  
  50% of stated retail above maximum LTV.
- C.
  
  $500 above the maximum advance.
- D.
  
  There is not a maximum advance
5.

What is the standard advance on non-UAC warranties?
- A.
  
  Up to $595
- B.
  
  $500 over LTV
- C.
  
  50% of warranty retail price
- D.
  
  $0
6.

What is the standard advance on non-UAC GAP?
- A.
  
  Up to $595
- B.
  
  $500 over LTV
- C.
  
  50% of warranty retail price
- D.
  
  $0
7.

What is most important in determining customer eligibility for financing of ancillary products?
- A.
  
  LTV
- B.
  
  UAC profit
- C.
  
  PTI
- D.
  
  DTI
- E.
  
  Dealer Profit
8.

When selling UAC GAP and/or Warranty, what is the main selling point for charging a dealer a discount on these products?
- A.
  
  Dealer is not subject to charge backs on cancellations
- B.
  
  Chargebacks cannot exceed $1,000
- C.
  
  Dealer cannot cancel
- D.
  
  All of the above
9.

An "A" program transaction is presented to you. The dealer sold GAP for $595, and the amount financed is $12,500. What is the maximum net check to the dealer based on the information provided?
- A.
  
  $11,250
- B.
  
  $11,055
- C.
  
  $10,055
- D.
  
  $10,760
10.

On a UAC contract, dealers can decide whether to sell our ancillary products or any other competitor's product?
- A.
  
  True
- B.
  
  False
11.

What is the maximum insurance deductible allowed by United Auto Credit?
- A.
  
  $0
- B.
  
  $500
- C.
  
  $1,000
- D.
  
  $2,000
12.

When should you and the dealer begin to prepare for the dealer's launch?
- A.
  
  When the dealer agreement has been signed.
- B.
  
  Prior to the first visit after the dealer agreement has been approved.
- C.
  
  The date of your launch.
- D.
  
  48 hours after submission of the dealer agreement.
13.

What part of the dealer agreement should you review again after the dealer has been approved?
- A.
  
  No need to review anything again.
- B.
  
  Compliance issues.
- C.
  
  Fees
- D.
  
  Funding obligations.
14.

How many visits should it take you to properly launch a store?
- A.
  
  It varies from store to store
- B.
  
  One
- C.
  
  Two
- D.
  
  Three
15.

How many days should you wait after the launch before you can expect any applications?
- A.
  
  0
- B.
  
  1
- C.
  
  2
- D.
  
  It's a process and depends on the store.
16.

When submitting a completed GAP agreement form to our marketing department, where should the form be sent to?
- A.
  
  [email protected]
- B.
  
  [email protected]
- C.
  
  [email protected]
- D.
  
  [email protected]
17.

How long should you wait after the initial launch before you require funding packages from a dealer?
- A.
  
  Shouldn't wait at all
- B.
  
  Depends on the store
- C.
  
  1 day
- D.
  
  2 days
18.

When submitting a completed warranty agreement form to our marketing department, where should you send the forms to?
- A.
  
  [email protected]
- B.
  
  [email protected]
- C.
  
  [email protected]
- D.
  
  [email protected]
19.

When are ancillary product commissions paid?
- A.
  
  As the products are sold - we get a separate check
- B.
  
  Bi-monthly
- C.
  
  Monthly
- D.
  
  Quarterly
20.

What is the expectation and most important in visit two of the launch?
- A.
  
  Fortifying our long term relationship.
- B.
  
  Put deals together and leave with a funding package.
- C.
  
  Stay with the plan and complete the day two agenda.
- D.
  
  All of the above.
21.

At the end of day two, what should you have?
- A.
  
  A newly built friendship.
- B.
  
  A stronger relationship with the Finance Manager.
- C.
  
  Approval from everyone in the dealership.
- D.
  
  Referrals.
22.

When training a dealer during the launch phase, your job is to do what?
- A.
  
  Make sure the dealer has a clear understanding of each and every underwriting guideline we review.
- B.
  
  Make sure the dealer has a fundamental understanding of our products.
- C.
  
  Encourage shot-gunning.
- D.
  
  All of the above.
23.

What are the guidelines for Dealer Track?
- A.
  
  10:1 app to funding ratio.
- B.
  
  15:1 app to funding ratio.
- C.
  
  If the dealer has a 20-1 Look to Book ratio in consecutive months he will lose the ability for send apps via DT.
- D.
  
  There are none
- E.
  
  A and C
- F.
  
  A and B
24.

Where do you send Dealer Track submissions to?
- A.
  
  [email protected]
- B.
  
  [email protected]
- C.
  
  Your divisional manager
- D.
  
  Megan Hyde - [email protected]
25.

What is the first step in approaching a dealer about his production?
- A.
  
  Have the dealer acknowledge our present production.
- B.
  
  Gather as much information about the dealer and present production with UAC (or lack there of)
- C.
  
  Hold a meeting with both, the finance manager and the owner, to discuss our future as a funding source.
- D.
  
  Shut down the dealer from Dealer Track