| FINOPS | ACCOUNTING | FINOPS | ACCOUNTING | SCENARIOS |
|---|---|---|---|---|
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The Lien Holder
Who is Finops responsible for paying?
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Positive Equity Checks
Accounting only deals with what kind of Checks?
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In Admin
Where is positive or negative equity generated?
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ACH 1-2 days
Instant pay 1-2 hours
What is the time frame for a customer to receive their funds via ACH and Instant pay?
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FINOPS
A Customer has a lien on their vehicle. Who is responsible for paying the lien holder?
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Numbers in Admin
Finops pays the Lien holder according to the numbers in Admin or Salesforce?
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An AP ticket
If you are going to slack accounting, what must you provide them with in order for them to pull up customer information?
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False.
We will only receive a receipt for payoffs we manually send out.
True or False.
If we send a payoff via ACH, will we receive a receipt of the payment. |
False. We now fill out the Jira portal link to create a check request for positive equity.
True or False
We manually fill out check request forms and send them to accounting for check requests. |
ACCOUNTING
A customer has a Title and and positive equity. Who creates a check for them?
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Payoff's
Finops only deals with payments for?
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All check tickets must be submitted before 12pm (AZ time) and approved in order for them to be available at the HUB or VM by 4pm.
What is the cutoff time for checks being generated same day at HUBS or VM's ?
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A Fedex tracking number or a Receipt if it has been sent manually.
After Finops sends out a payoff, what can we provide the customer with to allow them to track this?
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Field Advocates have specific instructions when printing checks out. They must follow the directions in order for a check to be printed out correctly
What is the reason for a check not being printed out correctly ? (Ex: Cut off numbers).
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FINOPS and we would create a Finops ticket for a Payoff Shortfall.
A lien holder calls in and says we still owe them $38 to payoff the customers vehicle and obtain a Title. Who do we contact and what kind of ticket do we create?.
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When a customer makes a payment on the lien before the payoff is processed, resulting in a refund.
What is Lien Reimbursement?
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1.Title verif section is not filled out correctly
2. Customer was not scheduled correctly 3. Customer reappraised vehicle and value is different
Name some reasons why a check will not generate same day at HUBS or VM's ?
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1.Trade is Complete
2.Lien holder information is entered in correctly 3.10 day payoff information is filled out
Name 3 things that contribute to payoffs generating for FINOPS?
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Submit a Jira ticket for a check to be sent to the customer overnight if ACH has been longer than 3 business days and instant pay has been longer than 1 business day.
What steps should we take if an ACH or Instant pay payment fails?
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ACCOUNTING and we submit a check request ticket through the new Jira portal.
A customers ACH payment failed and we are unable to send them a new link. Who do we contact for reimbursement and what kind of ticket do we create?
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1.Admin and SF need to match with the correct payoff
2. We must have the correct Lien Holder Address
In order for a payoff to be processed successfully, what two things need to be done on our end?
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Check requests must be submitted by 12pm (AZ time) in order for the check to be sent out same day and arrive to the customer next day.
What is the cut off time for checks being overnight-ed to the customer?
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- Payoff amount
- Good through date -Per diem -Full account number - Overnight address - Loan or lease? - Current on payments or Pending payments? -One or two owners?
Name every piece of information we need when collecting a verbal 10 day payoff.
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Yes! If we enter someone else's bank information aside from the customers, we will get an error that says "Account holder information wrong" and the customer will not get paid.
When setting up an ACH or Instant pay payment, does the bank information need to match the primary account holder?
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FINOPS and we would create a Gift and Reimbursement ticket.
A customer has a lien on their vehicle. We collected a 10DPO via Dealertrack. The customer made a payment before the appointment and their payoff is now lower. We submitted a check for a lower amount than what the customer signed off on. Who would we contact for reimbursement and what kind of ticket do we create.
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