Auto Loans

Question 1

“Always quote rates using”…

Answer 1

Always use APR - Annual Percentage Rate

Use phrase “as-low-as”

Question 2

Eligibility for Auto Loans

Answer 2

Consumer purchases car at franchise dealerships

Also - CarMax, Carvana, Hertz and Eneterprise

Question 3

Lease Buyout

Answer 3

Purchase a leased vehicle

• avoid end of lease fee
• • mileage and wear and tear

Question 4

APR can differ for clients depending on:

Answer 4

Credit history
Term
Approved loan amount
State of residence
Applicable discounts

Question 5

Applying to loan jointly

Answer 5

To include spouse income on an application, he or she will have to apply jointly with that other person and all applicants must be in-person and all applicants must be in person to apply

• if Loan approves
• — both applicants equally responsible for repayment
• — both names appear on loan and automobile title

Question 6

Auto Loan Conversation Starters

Answer 6

“Will you be shopping for a new car in the next 12 months.”

“Are you planning on taking on existing car with you when you move?”

Question 7

Auto Loan Transition Statements

Answer 7

“Have you considered applying for your auto loan before visiting the dealership?”

“If your goal is to reduce expenses, have you considered how refinancing your auto loan could help you achieve your goal?”

Question 8

Bank of America Financing Options

Answer 8

Dealer purchase for a new/used vehicle
Refinance for lower monthly payment or interest paid
Private Party Purchase: for a used vehicle
Lease-Buyout to purchase a currently leased vehicle

Question 9

What are the benefits of getting an auto loan approval?

Answer 9

• Auto loan approvals give clients an idea of how much they can borrow
• prevent making finance decisions on the fly and allow them to focus on price of vehicle

Question 10

Why get an auto loan with Bank of America

Answer 10

• apply once and rate is locked in for 30 days vs. submitting application at multiple dealerships
• quick decision with no application fee
• know the rate and dollar amount they are approved for before going to dealership
• preferred rewards discounts
• convenience of all accounts in one place

Question 11

When discussing auto loan rates with clients, always quote rates using “as low as” and “annual percentage rate” terminology to ensure client understands their rate may not match the advertised rate

Answer 11

True

Question 12

What types of auto loan financing can we offer to our clients?

Answer 12

Lease buyout
Refinance 
New purchase
Used purchase
- under 125,000 miles 
- less than 10 years old
--- can do private party sales but interest rates will usually be higher

Question 13

What is the fee to apply at Bank of America for an auto loan?

Answer 13

No fee

Question 14

What rate lock guarantee does Bank of America offer when applying for an auto loan?

Answer 14

30 day

Question 15

What is the interest rate discount on a new Bank of America auto purchase or refinance loan for a platinum Honors preferred rewards member?

Answer 15

Gold - 0.25%
Platinum - 0.35%
Platinum Honors - 0.50%