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CAF KEY TERMS

Across
Alternate term for a refund
An optional vehicle service agreement that covers some or all of the cost associated with a covered repair.
Deferment or postponement of a payment due date.
A life event affecting a customer or their family based on a financial event
Amount of finance charges accrued per day
The process of delivering Extension and Due Date Change letters to customers in signature states that allows them to sign and return the documents digitally.
CAF’s financial workflow system
Authorized Third Party
Down
A monthly notice that is sent 18 days before the next due date to customers via the web or mail to inform them of any fees, payments made and current balance on the customer’s account
When the Buyer or Co-buyer returns the vehicle to CAF because they cannot or no longer wish to continue making payments on their account.
CarMax stores
A fee charge that CAF assesses to a consumer’s account if a payment is not made before the grace period expires.
The next date an installment payment becomes due.
primary account holder
A Change to the RIC, allowing buyer/co-buyer to select a different due date for their monthly installments; subject to limitations.
Paperwork that the customer signs agreeing to the financing terms
“Your account may be reported negatively to the credit reporting agencies if a payment is not made by 9pm Pacific time on your next due date.”
A determination made by a consumer’s insurance carrier that the repair cost of a damaged vehicle exceeds the replacement value.
Reason or situation causing the account to fall behind in payments.
An optional add-on product offered by CarMax that protects consumers from the financial impact of owing more on the vehicle than the insurance company is willing to pay in the event of a total loss.