Please remember: If a qualifying auto loan is paid off within the first 12 months, the member must repay the cashback promotional amount.

Key Points to Remember

• When a member requests an auto loan payoff, you must use the Loan Payoff spec-file found in the spec-file dashboard to ensure the correct payoff is quoted when the cashback promotion applies.
• Eligible loans will include a comment:
  • “1% cash back on loan number [#]” on their account.
• If the loan is being paid off within 12 months:
  • The cashback amount shown on the payoff screen should be deposited to the member’s Prime Savings and placed on hold, while the rest of the payment is applied to the loan payoff.
• After depositing the cashback funds:
  • Notify Consumer Lending so we can move the funds to the appropriate GL and update any required fields.
  • This can be done by submitting a “Title Request” service event.
• For mail payments:
  • If the payoff is short, continue to send your title release events to the Title Department. They will contact the member to collect the remaining balance, including the cashback amount.