Autopayplus Certification
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A post-training examination for F&I Managers. Upon successful completion, the F&I Manager is a certified AutoPayPlus. . . . .
- 1.AutoPayPlus membership fees are paid out of the interest saved.
- A.
True
- B.
False
- 2.A member who has a monthly payment of $400 and pays the loan off 5 months early using AutoPayPlus service saves $2,000.
- A.
True
- B.
False
- 3.The cancellation fee for AutoPayPlus is:
- A.
(a) $25
- B.
(b) $35
- C.
(c) $0
- D.
(d) $50
- 4.How many loan payments made by USEA will be reflected on the member’s monthly loan statement?
- A.
(a) 2
- B.
(b) 3
- C.
(c) 1
- D.
(d) Either 2 or 3 depending on the month
- 5.What are the member benefits of the AutoPayPlus service in order of importance?
- A.
(a) Budgeting & convenience, interest savings, equity & term reduction
- B.
(b) Equity & term reduction, budgeting & convenience, interest savings
- C.
(c) Interest savings, equity & term reduction, budgeting & convenience
- D.
(d) Budgeting & convenience, equity & term reduction, interest savings
- 6.A potential customer who receives a 0% APR:
- A.
(a) Should not use the biweekly AutoPayPlus service because there is no interest savings
- B.
(b) May perceive value in AutoPayPlus because it will shorten the term of the loan
- C.
(c) May perceive value in AutoPayPlus because it will build equity sooner
- D.
(d) Both b and c
- 7.A customer that uses their financial institution’s online bill pay set up on a biweekly payment schedule can obtain the same financial benefit as a member of USEA.
- A.
(a) True
- B.
(b) False
- C.
(c) Only on leases and 0% APR
- 8.On a lease AutoPayPlus:
- A.
(a) Saves about 10% of the term and 10% of the lease charges (interest)
- B.
(b) Pays the lease off sooner
- C.
(c) May help reduce excess mileage charges
- D.
(d) All of the above
- E.
(e) Only b and c
- 9.By using the biweekly AutoPayPlus service a member will pay 13 loan payments in a 12 month period:
- A.
True
- B.
False
- 10.When using the AutoPayPlus service how much equity does a member gain with a 0% interest loan, a $400 monthly payment, a 72 month term and a $399 membership fee if the member decides to pay-off and trade in the car at month 48 (benefit excludes ACH fees in this example).
- A.
(a) $0
- B.
(b) $1600
- C.
(c) $1201
- D.
(d) Can't be determined
- 11.If ACH fees are $1.95 and the loan will be paid in full at the end of month 60 using AutoPayPlus, how much will the member likely pay in ACH fees?
- A.
(a) $117
- B.
(b) $234
- C.
(c) $253.50
- 12.If a member cancels AutoPayPlus 60 days after enrolling and they have paid half the membership fee:
- A.
(a) They will be debited the remainder of the membership fee and then cancelled
- B.
(b) They will be refunded the half that was collected
- C.
(c) They will not be refunded nor will the remaining balance be collected
- 13.Where are member funds held prior to being transferred to their lender?
- A.
(a) An interest bearing account at an accredited bank of the member’s choice
- B.
(b) A non-interest bearing account at an accredited bank of the member’s choice
- C.
(c) An interest bearing account at an accredited bank of USEA’s choice
- D.
(d) A non-interest bearing account at an accredited bank of USEA’s choice
- 14.What might be the best talk track for a 0% interest loan with a 5 month term reduction?
- A.
(a) You will save 5 payments
- B.
(b) The fee is paid by the interest savings
- C.
(c) With such a great APR you won’t save interest but you will pay the vehicle off sooner
- 15.What experience would a person have if they tried to set up additional principal payments on their own?
- A.
(a) They would have to call for each payment and advise how much they want posted to principal
- B.
(b) The lender may use a 3rd party payment processor that cannot post partial payments
- C.
(c) Payments are automatically applied to their next payment or towards interest, not principal
- D.
(d) Funds may be held in suspense because they can’t accept partial payments
- E.
(e) All of the above
- 16.Which is true of USEA’s unlimited family plan?
- A.
(a) As long as you can prove they are a relative, they can sign up unlimited loans with no membership fee
- B.
(b) Relatives that live at the same address may sign up unlimited loans with no membership fee
- C.
(c) There is a limit of 3 loans under the family plan
- D.
(d) None of the above
- 17.Which of the following are true with a bimonthly debit schedule:
- A.
(a) It provides the same benefit as biweekly
- B.
(b) Is only two days selected in the month with no acceleration of the loan
- C.
(c) Payment amounts can be customized to achieve same savings goals as biweekly debits
- D.
(d) Both b and c
- 18.The Account Verification Fee of $0.95 is debited from the customer’s bank account upon receipt of the enrollment form:
- A.
True
- B.
False
- 19.Once the debits begin, a member may not change their debit date since it impacts the repayment of the loan.
- A.
True
- B.
False
- 20.If a member’s monthly loan payment is $300, their bi-weekly debit will be:
- A.
(a) $150
- B.
(b) $150 plus the ACH fee
- C.
(c) $142.81
- 21.US Equity Advantage has a PaymentPlus Guarantee that is intended to give the dealership employee peace of mind that the customer’s payments will be paid properly. Which of the following is true?
- A.
(a) The guarantee kicks in if USEA fails to pay a customer’s payment within the grace period.
- B.
(b) USEA will make the late payment plus pay any late fees
- C.
(c) USEA will make an additional full payment to principal payment up to $1,000
- D.
(d) All of the above
- E.
(e) Only a and b
- 22.An AutoPayPlus member that refers a new member will receive $50 applied directly to their loan principal.
- A.
True
- B.
False
- 23.A common mistake is mixing the fee and interest savings. If the customer could accelerate the loan paymentthemselves and not pay the USEA membership fee the misperception is they would save $399. The fact is theywould have put an extra $399 towards the loan earlier which would have bought them some additional interestsavings (~$20-$50) and some additional term savings (+$399 towards principle).With that understanding, if USEA saved the member $500 interest and paid the loan off 5 months sooner with a$399 fee, what would the estimated benefit be if the member did it themselves with no fee?
- A.
(a) $550 interest saved and loan paid off about 5.5 months sooner
- B.
(b) They would save interest of $899 instead of $500
- C.
(c) Both a and b
- 24.If a member asks a USEA service representative to switch from bi-weekly to semi-monthly withdrawals which ofthe following statements is true.
- A.
(a) The representative offers semi-monthly debits with an additional amount added to meet the payoff and equity expectations of the customer.
- B.
(b) If they will not agree to an increased payment then the membership fee is waived since there are no financial benefits.
- C.
(c) ACH fees are waived
- D.
(d) All of the above
- E.
(e) Only a and b
- 25.Bonus Question: As it relates to AutoPayPlus, what does the acronym ACH stand for?
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