AUTO LOAN APPLICATION

TRANSACTION HOST INTEGRATION MATRIX

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SR No	Transaction / Function Name	Oracle FLEXCUBE Core Banking 11.7.0.0.0	Oracle FLEXCUBE Universal Banking 12.4.0.0.0	Oracle Financial Services Lending and Leasing 14.3
1	Auto Loans Application	Ñ	Ñ	a

Introduction

An auto or vehicle loan is a secured personal loan taken to purchase a new or used vehicle. In an auto loan, the vehicle being purchased is considered as the collateral on the loans.

Auto Loans Application Workflow

Following are the steps involved in the loan account opening application:

• State Selection: Once you select the auto loans product from the product showcase, select the state of residence, after which you can proceed to the loan application.
• Loan Requirements: You can specify the amount to be borrowed, purpose of the loan, tenure, and also mention if a co-applicant is involved in the loan.
• Vehicle Information: You can provide vehicle information such as, whether the vehicle is used or new, the make and model of the vehicle, the estimated price of the vehicle, intended owner, and other details. Additionally, if the vehicle being purchased is a used vehicle, you can opt to lookup the vehicle information by specifying the vehicle identification number.
• Funding Information: This section displays the vehicle price, requested loan amount, application fees and the amount to be contributed by the applicant towards the loan.
• Applicant Information: The applicant information sections capture details such as, basic personal information, identity, contact, and employment information of the applicant.
• Financial Information: These sections capture financial details encompassing income, expense, asset, and liability details of the applicant.
• Offer Selection: This section displays multiple loan offers with an option to select any offer of choice.
• Review and Submit: This section comprises of two sub sections. The first displays the summary of the loan application. You can verify details submitted as part of the application and can modify any if required. The second sub section displays the disclosures and notices applicable on the loan application. You can view details of these disclosures and notices and if required, give consent to them before submitting the application to the bank.
• Credit Decision Outcome: Once you submit the application, a confirmation page will be displayed containing the current status of the application as well as the application reference number. This page will also contain details of any additional steps that might be required to be taken by either you or the bank. The options to either navigate to the application tracker or the product showcase are provided on this page.

How to reach here:

Dashboard > Auto Loan

To apply for an auto loan:

1. Select Auto Loans on the product showcase screen.
2. The state of residence screen appears.

State of Residence

 

3. From the drop-down list, select the state of residence, and click Select. The product list screen is displayed.
   OR
   Click Cancel if you do not wish to proceed with the loan application.

4. Once the appropriate product is selected, click Proceed. The Vehicle Loans Orientation screen is displayed containing details informing the applicant about the steps involved in the loan application, details required for application and eligibility criteria. Additionally, the orientation screen also displays text defining the USA Patriot Act, by which you are informed about the bank’s need to comply with the specific act and the requirement to capture certain information of all applicants.

5. Click Continue, if you are a new/ unregistered user.
   OR
   Click Login if you are a registered (existing) user. For more information on the application of an existing user, view the Existing User section.
   OR
   Click Cancel to abort the auto loan application process. For more information on cancelling an application, view the Cancel Application section.
6. The loan requirement screen is displayed. Enter loan requirement details such as loan amount i.e. the amount to be borrowed, the purpose of the loan, loan tenure, and if a co-applicant is to be added to the application.

Loan Requirement

7. Enter the relevant loan requirement details such as, loan purpose, loan tenure, amount, and other details.
8. If you want to add a co-applicant, select option Yes in the Would you like to add a co-applicant ? field.
   OR
   Click No if the loan is for a single applicant.
9. If the co-applicant is an existing user click Yes in the Would you like to add a co-applicant ? field.
   OR
   Click No if the co-applicant is not an existing user.
10. If you have selected Yes in the Would you like to add a co-applicant ? field, enter the co-applicant's customer ID in the Co-applicant Customer ID field.
11. Once the co-applicants customer ID is entered, it needs to be verified. From the Send Verification Code via field, select the desired option through which the verification code is to be sent.
12. Click Verify.The Verification screen is displayed.
13. In the Verification Code field, enter the verification code and click Submit.
14. A message stating that the code has been verified is displayed. Click Continue.
15. The sections comprising of the application form are displayed. If a co-applicant has been added, the respective sections in which the co-applicant’s information is to be captured are enabled.

16. The sections of the application form are displayed on this page. You can start entering information in each section starting with the first section i.e. Applicant Information.

Applicant Information

In the applicant Information section enter the first name, middle name, last name, and suffix of the applicant.

17. Click Continue to confirm the applicant’s information. If a co-applicant has been added, the screen on which co-applicant’s name is to be defined will be displayed, after which the Vehicle Information section will be displayed.

Vehicle Information

In the vehicle information section, enter vehicle details such as vehicle type, year of manufacture, make, model, estimated value, etc.

18. Click Lookup Vehicle option displayed against the Vehicle Identification Number field after you have entered a value to have the system pre-populate the vehicle information.
    This option is available only if you have selected option Used in the New or Used field.
19. Vehicle information (year, make, model, estimated value and mileage) is fetched and displayed in each respective field.
20. Modify any information if you wish.
    OR
    Click Continue .

• The Funding Information section is displayed.

Funding Information

This section displays the total fees that are applicable on the loan application, the total cost which is the sum of the estimated value of the vehicle and the fees, as well as any amount that needs to be contributed by you which is the difference between the amount of loan you have requested and the total cost.

You can click or the Modify option to edit either the estimated value of the vehicle or the amount of loan you are requesting if the contribution amount is not suitable to you. Once the values displayed are suitable click on Accept and Continue to proceed to the next step in the application.

22. Click Accept to agree with the contribution amount.
    OR
    Click Modify to edit and update the requested loan amount and/or estimated value of the vehicle.
23. Click to save the modified loan details.
    
    

• Click Continue. The Primary Information section is displayed.

Primary Information

• Click Continue . The Proof of Identity section is displayed.

Proof of Identity

Enter your Social Security Number and identity details in this section.

3. Click Continue to save the identification information.
4. The Contact Information section is displayed.

Contact Information

In the contact information section enter contact details including your email address, phone numbers, and current residential address.

You will be required to enter details of your previous residence if you have stayed at your current residence for less than the amount of time required. This amount of time is defined by the bank in terms of years.

• Click Continue to save the contact information. The Employment Information section is displayed.

Employment Information

In this section enter details of your employment over a defined period starting with your current primary employment. The details required are type of employment, subsequent status, date on which specific employment was started and if you are salaried or self employed, the company or employer name. If the amount of time at which you have been employed in your current employment is less than the required amount, the system will display fields in which you can enter details of previous employment.

2. Click Add to update the employment information.
   OR
   You can lick to edit the employment information.
   
3. Click to add more than one employment information.

• Click Continue to proceed with the application process.

Financial Profile

This page comprises of multiple sections in which you can enter your financial details in the form of incomes, expenses, assets and liabilities.

• Select a section in which to enter appropriate financial information.

Income

In this section enter details of all income that you want to be considered. Hence, any income earned as alimony or child support need not be identified here if you do not wish for it to be considered. You can add multiple records of income up to a defined limit. Click the to add additional income records and the icon against a specific record to delete it.

• Click Save to update the income details.
• Click Continue to proceed with the expense details section.
  OR
  Click to add more than one employment information.
  

Expenses

In this section enter details of all expenses you incur on a regular basis. You can add multiple expense records up to a defined limit. Click the to add additional expense records and the icon against a specific record to delete it.

8. Click Save to update the expense details.
9. Click Continue to proceed with the asset details section.
10. Click to add another expense record.

Asset

In this section enter details of all assets owned by you. You can add multiple asset records up to a defined limit. Click the to add additional asset records and the icon against a specific record to delete it.

11. Click Save.
12. Click Continue to proceed with the liability details section.
    OR
    Click to add another asset record.

Liabilities

In this section enter details of all your liabilities. You can add multiple records up to a defined limit. Click the to add additional records and the icon against a specific record to delete it.

• Click Save.
• Click Continue to proceed with the loan application process.
  OR
  Click to add another liability record.
• Once the asset, liability, income, and expense details are entered click Continue.

4. The Offers screen is displayed.

Offers

This section displays all the product offers applicable to you. You can select any one offer that best suits your needs.

5. Select a suitable offer.
6. Click Continue.
7. Click Review and Submit. The review screen is displayed.

Review and Submit

The review and submit page consists of the following two sub sections:

• Application Verification – This section will display all the information you have entered in the application. You can verify that all the information provided by you is correct and make any changes if required.
• Disclosures and Consents – This section displays all the various disclosures and notices impacting you and the bank. The facility to provide your consent to a disclosure is provided against each disclosure.

The following are the different sections of Application Verification sub section.

Click against any section if you wish to edit any information that is part of that section.

Once the details Click Continue to proceed with the loan application process.

Disclosures and Consents

 

3. You can view each disclosure by clicking on the respective link provided.
4. Once you have verified all the information and have provided consent to all the disclosures click Submit. The screen confirming application submission will be displayed which will contain the application reference number, decision outcome and any additional steps that might need to be undertaken by you or the bank.

Submitted Application Confirmation

The confirmation page is displayed once you have submitted your application. This page displays the current status of the application along with details of any further steps that might be required to be taken. The application reference number, by which you can track the status of your application, is also displayed on this page. Additionally, the options to register (if you are a new customer and have not yet registered with the bank) and to track the application are also provided on this page.

5. If you are not a registered channel user, you will have an option to register for channel access. Click Register.
   OR
   Click Go to Homepage to navigate to the product showcase.
6. Click Track your Application. to track your submitted application. For more information on track application view the Application Tracker section.
   

Register User

Only those applicants who do not have a prior relationship with the bank might be required to register. When an existing customer is making an application, the option to register is disabled.

Registration might be mandatory or optional. In case registration is mandatory and you have not yet registered at the time of submitting the application, you will be required to mandatorily register before the application can be submitted. In this case, when you select the option to Submit the application on the Review & Submit page, the registration page will be opened. Once you have registered, you will be able to proceed with application submission.

In case registration is not mandatory and you have not yet registered at the time of submission, the option to register yourself for channel access will be provided on the confirm screen. Clicking on the link will open the Registration page.

Register Applicant

To register:

• In the Email field, enter the email address.
• To confirm enter the email ID in the Confirm Email field.
• Click Verify link to verify the entered email address.
  • In the Verification Code field, enter the verification code sent on the defined email ID.
  • Click Resend Code, if the code is not received.
  • Click Submit. The successful email verification message is displayed.
• In the Password field, enter the password required for log-in.
• To confirm enter the password in the Confirm Password field.
• From the security question list, select a question to be added in your security question set.
• In the answer field, enter an answer for the selected security question.
• If you do not want to set security questions currently, select the option Yes against the Skip set up of security questions field.
• Click the Terms and Conditions link to view the terms and conditions.
• Select the Terms and Conditions check box to acknowledge agreement to the terms and conditions.
• Click Register/Submit Application to register. The button to register will be termed Register if registration is non mandatory and the user has navigated to the registration screen from the confirm screen. If registration is mandatory, this screen will be displayed once the user has filled out the application form and is proceeding to submit it, hence the button will be Submit Application.
  OR
  Click Cancel Application to cancel the application.
  OR
  Click Return to Application.
  

 

• Click Submit to submit the verification code. On successful verification, a message stating that verification has been completed successfully will be displayed.
  OR
  Click Resend Code if you wish for the system to send you a different security code.
  OR
  Click Cancel to close the screen and return to the registration screen.

• Click Send Link to send the registration link to the co-applicant’s email ID specified.
  OR
  Click Track Application to navigate to application tracker to view the applications status.
  OR
  Click Go to Homepage to navigate to the product showcase.
  

Cancel Application

The option to cancel the application is provided throughout the application and you can opt to cancel the application at any step.

To cancel an application:

• Click Cancel. The cancel application screen is displayed. You will be able to select a reason for which you are cancelling the application.
• Click Cancel and Exit. The application is cancelled

• Select the appropriate reason for cancelling the application.
• Click Cancel and Exit to cancel and exit the application. A message confirming that the application has been cancelled is displayed.
  OR
  Click Return to Application to return to the loan application.

• Click Go To Homepage to navigate to the product showcase.

Save for Later

There are two scenarios in this case

• If the applicant is a registered user and he/she is already logged in then the applicant will be displayed a confirmation page indicating that the application has been saved successfully.
• If the applicant is a new user i.e. who is not registered for channel access, then he/she will be required to register while saving the application. The following steps are involved in the process of saving an application in this scenario.

All saved applications will be available in the application tracker under the In Draft tab. You can select any application to resume the application submission process.

To save an application:

• Click Save for Later. The Save and Complete Later screen is displayed.

The following steps are applicable for cases wherein the applicant is not a registered user.

• In the Email field, enter the email address.
• To confirm enter the email ID in the Confirm Email field.
• Click Verify link to verify the entered email address.
  • In the Verification Code field, enter the verification code sent on the registered email ID.
  • Click Resend Code, if the code is not received.
  • Click Submit. A message stating that the email ID has been verified successfully is displayed.
• In the Password field, enter the password required for log-in.
• To confirm enter the password in the Confirm Password field.
• From the Security Question list, select a question to be added in your security question set.
• In the answer field, enter an answer for the selected security question.
• If you do not want to set security questions currently, select the option Yes against the Skip set up of security questions field.
• Click the Terms and Conditions link to view the terms and conditions.
• Select the Terms and Conditions check box to acknowledge agreement to the terms and conditions.
• Click Save Application .
  OR
  Click Cancel Application to close the save and complete later screen.
  OR
  Click Return to Application to navigate to the application screen.
  

• Click Send Link to send registration link to the co-applicant.
  OR
  Click Track your Application to view the application status.
  OR
  Click Go to Homepage to navigate to the product showcase.

Existing User

An application form being initiated by an existing user will differ from that of one being initiated by a new/unregistered user. If you are applying for an auto loan as an existing user, once you login to the banking system after having entered your login credentials, the application form will be displayed with all your personal details pre-populated in the respective fields and sections. You will, hence, be required to only specify details pertaining to the loan and vehicle including vehicle funding information. The sections that will be pre-populated with your information are Applicant Information, Primary Information, Proof of Identity, Contact Information, Employment Information and Financial Information including Income, Expenses, Assets and Liabilities.

Application Tracker

The Application Tracker enables you to view the progress of submitted applications and also to retrieve and complete applications that have been saved. Through the application tracker you can perform the following actions:

• View submitted applications: The application tracker enables you to view details of submitted applications which includes viewing status history, application summary and uploaded documents as well as performing any pending tasks required for the processing of the application.
• View applications in draft: While filling out an application form, if you opt to save the application instead of submitting it, the application is saved in the application tracker as an ‘In Draft application’. You can select any of the applications available under this tab in order to complete and submit that application.

To track an application:

• Click Track Application on the dashboard. The Login screen is displayed.
• Enter the registered email ID and password, click Login.
• The Application Tracker screen is displayed. By default the submitted application view is displayed.

Submitted Application-Auto Loan

• Select the application card.
• The Application Details screen is displayed with options to view additional details of the application and pending tasks, if any.

• Click any section heading to view details or to take required action on the application.

Account Configuration

This section allows you to view and configure the features of the loan account.

 

• Enter the appropriate values in the relevant fields.
• Click Continue. The updates made on the screen are saved.

Account Summary

The Account Summary section enables you to view basic details of the loan account.

Application Summary

• Click View Complete Application to view the complete application in PDF format.

Application Fees

This section lists down all the fees that are applicable on the loan.

Status History

This section displays the status history of the loan application i.e. the various stages through which the loan application has passed along with the current status.

Document Upload

Document upload enables you to upload the documents which are required for the processing of the application. You can upload multiple documents against a document type. You can also delete any document that has been uploaded previously.

To upload / remove a document:

• Click the Documents link.
• Click Choose file.
• The option to browse the computer's folder is displayed.
• Select the appropriate file to be uploaded and click Open.
• Click Upload. The file is uploaded.

Note: Click to remove the uploaded document.

• Click on the link displayed against a specific document type in order to view the document.

Accept / Reject OfferOffers are different variants of a product offered to the customer. Usually, the behavioral characteristics of the product remain the same, while the marketing attributes differ among offers.

Once the account is configured and required documents are uploaded, the offer is generated and made available in the tracker for you to view, download, and provide approval / rejection.

• Click to download the offer letter and other document.
• Select the terms and conditions check box and click Yes to select the offer. The offer acceptance message is displayed.
  OR
  Click No to reject the offer.

Cancel Application

The option to cancel the application once submitted is provided in the application tracker and is available only if the application has not yet been processed to completion.

In order to cancel an application from the application tracker, select the Cancel option available on the application tracker details page and follow on with confirming the cancellation.

FAQs

Why do I have to select my state of residence when I select the Auto Loan product on the product showcase?

Since banking rules and regulations that impact the bank’s product offers vary from state to state in the US, it is imperative that when choosing a product for which to apply, you specify your state of residence. This way, only those products that are available for your state are displayed. Hence, the facility to select state of residence on selection of personal loan product group in product showcase has been added.

If I am an existing customer, do I still have to specify my state of residence on selecting a product?

No. If an existing customer has logged in and is then selecting a product, the system will automatically display only those products that are enabled for the customer’s state of residence.

Can I apply for an auto loan if I am not a citizen of the United States?

As per US law, US citizens and resident aliens can apply for banking products online. Hence, if you are not a citizen of the United States but are a permanent resident of the United States and have a Social Security Number you can apply for a loan online. However, if you are not a United States citizen and are not a permanent resident either, you cannot apply for a loan online.

I am 18 years old and currently residing in Alabama where the age of majority is 19 years. Can I apply for an auto loan online?

No. You need to be a legal major in the state in which you reside in order to be eligible to apply for an auto loan online.

Why am I not required to enter information such as gender, marital status etc. as part of primary information?

Financial institutions in the US are governed by strict laws one of them being the Equal Credit Opportunity Act (ECOA) which dictates that it is unlawful for any creditor to discriminate against any applicant on the basis of race, color, religion, national origin, sex, marital status or age (as long as the applicant is a legal major). Hence, information such as the applicant’s gender, number of dependents, marital status, etc. are not captured in the loan application.

Are there any types of vehicles that the bank will not finance?

Yes the following vehicles are not eligible for financing:

• Used vehicles that are older than the defined number of years.
• Used vehicles that have run more than the defined number of miles.
• Commercial vehicles

Why do I have to provide my Social Security Number (SSNSocial Security Number) in the application? How does the bank ensure that my information is safe?

Your Social Security Number is required as it is part of the information we use to verify your identity and is also used by our third party credit reporting agencies to identify your credit worthiness. Your Social Security Number is masked as soon as you enter it so as to eliminate the risk of shoulder surfing security threat.

Why do you require the expiry date of my identity proof?

We ask for the expiry date of your identity proof to ensure that you are providing us with a valid proof of identity, one that is currently not expired.

Can I provide my post office box number as residential address?

No. We require the address at which you currently reside and if required the address at which you resided previously.

I have my entire zip code i.e. in zip+4 format. Can I provide my entire zip code?

Yes, the application accepts regular zip format as well as zip+4 format.

Do I need to include the income I get as alimony in the income section of the application?

No, you do not have to include income from alimony, child support or any separate maintenance income if you do not wish for it to be considered as a basis for loan repayment.

Why do I have to give my consent to all the disclosures displayed under the Review & Submit section?

As per US law, all customers of the bank are to be made aware of all the disclosures and notices impacting them. Hence, we require your consent to all these disclosures and also provide links for you to view the details of each disclosure.

I am adding a co-applicant to the loan application. Does he have to provide his consent to all these disclosures as well?

Yes, all applicants are required to provide consent to all disclosures and notices.

I am an existing customer of the bank but do not have channel access, how can I proceed?

You can register yourself as a channel user through the ‘Register’ option available on the portal page and provide the required details.

Can I proceed with the application if I am not an existing channel user?

Yes, you can continue filling in the application details as a guest user and need not necessarily login.

Why am I asked to capture previous residential address details?

The bank has a resident stability policy in place wherein if the applicant is staying at the current address for less than a defined term then he/she needs to define the previous residential address.

Is it mandatory to change the default configuration for an account as part of application tracker?

No, you can simply view and confirm the account configuration. This facility has been provided so that you can edit any parameter or facility of the account that you wish to change.

Does the Co-Applicant also need to login for the system to populate the information if he/she is an existing channel user?

No, the co-applicant’s customer ID needs to be entered by the primary applicant if he/she is an existing user. A verification code will be sent to the co-applicants email ID and/or mobile number.
Once the verification process is successful, the co-applicant’s details will be populated.

My co-applicant and I live in the same house; do I need to enter address details again while defining co-applicant information?

No, there is an option in the co-applicant contact information section to default the primary applicant’s address in that of the co-applicant’s residential address fields.

I have saved the application. Can my co-applicant resume the application from the application tracker?

Yes, the co-applicant needs to be a registered channel user to login to the application tracker and resume the application.

Can the co-applicant perform all the pending tasks in the application tracker?

Yes, the co-applicant has all the rights as that of the primary applicant.

The application requires me to define certain financial details that are not applicable to me. How do I proceed?

In case a financial parameter such as, an expense as mortgage is not applicable to you, you can mention the value ‘0’ against that specific financial parameter and proceed with the application.

Why am I being asked to capture previous employment details?

The bank has a employment stability policy in place wherein if the applicant has not completed a defined term in the current organization then he/she needs to define previous employment details.

Can I change the contribution amount as part of funding information?

No, if you are not OK with the contribution amount displayed in the funding information then you need to edit the requested loan amount or vehicle purchase price or both. You can click on the Modify button to change the loan amount and/or the vehicle purchase price. Once the edit is complete, you will need to click on the Save button and system will display the updated contribution amount.

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