United Auto Credit Rules! Trivia Questions Quiz

29 Questions | Total Attempts: 56

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United Auto Credit Rules! Trivia Questions Quiz - Quiz

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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?
  • 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?
  • 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?
  • 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

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