Refinance

Refinance

Refinance

 

Loan Modification – Loan sold to a different Company

 

 

·       Client will notify Cinch (Notice Date)

·       Contract setup for pending cancellation

·       Reason/Description: Billing Vehicle No Longer Avail

·       Cinch will notify Customer by mail

·       Customer then contact Cinch (Membership SVC)

·       Customer would need to change payment mech (new loan #, credit card, bank draft)

·       Calculate GAP Payment

·       Advised Customer of total due for reinstatement

·       Collect the Gap Payment to bring account up to date

·       Send a follow up to Supervisor to reinstate contract (Quick Base)

 

 

  Gap may include payments missed at the beginning of the contract term. Customers are not accountable for these missed payments. Calculate the appropriate gap payment due by confirming last 12 months of consecutive payments received. If payments are up to date, collect for the current month and send Reinstatement f/u in (QB). If no payments are due send e-mail to supervisor to reinstate if payment method has been updated & current payment has been collected.

·       If payment is collected after 4pm, the system will not Reinstate the contract until 2 days after.

 



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