RIC 2.0
- Deanna Collia
- Pablo.Estrada (Unlicensed)
RIC 1.0 Common Errors and Blocks
If a RIC 1.0 quote (indicated by a ‘Date Created’ before March 1 and a ‘Promo Period’ of 1 month) was generated and qualification started, but the contract was never signed:
the contract will be blocked with the following error:
In this case, the installer will need to void the contract and requote under the new RIC 2.0 terms.
Likewise, any RIC 1.0 workflow that is cancelled will need to be requoted and will be under RIC 2.0 terms.
RIC 1.0 Re-signs
If the contract is a RIC 1.0 (indicated by a ‘Date Created’ before March 1 and a ‘Promo Period’ of 1 month):
and the customer gets the following error when trying to generate a Re-sign:
Any quote generated after March 1 will automatically default to a RIC 2.0. For RIC 1.0 Re-signs, the installer will need to requote the original quote using expired pricing in order to generate the RIC 1.0 agreement. The quote will then be available when generating the Re-sign agreement.
RIC 2.0 FAQ’s
The amount financed will begin to accrue interest when the In-Service Date task is complete (in M3)
Finance charges will accrue on the Amount Financed beginning on the In-Service Date. Finance charges will continue to accrue until all amounts owed under this Agreement are paid in full.
Eliminated $0 first invoice and will invoice customer 30 days after In-Service Date
Previously the myeverbright portal invitation was included with the $0 invoice. It will now be sent out on when the In-Service date task is completed in M3
Combined EverOwn and EverOwn Plus agreements
1 document includes solar plus battery/storage
System Monitoring is required
Homeowner consents to Everbright collecting monitoring data either remotely or by accessing the property
How to set up monitoring video:
Everbright Training portal - setting up monitoring
The approved vendor’s list has been updated to conform with RIC 2.0 Changes
Customers who sign up for ACH and electronic statements will receive a 0.5% lower APR (annual percentage rate)
If, after opting in to recurring ACH payments, the customer later elects to opt out and pay via check EverBright reserves the right to increase the applicable APR from the ACH Rate to the Base Rate.
In order to receive the APR discount, the customer will need to elect the pay by ACH option when signing their contract.
If a customer initially declines ACH, but wants to change their election they have 2 options:
If M2 has NOT been approved, the installer can elect an NCCO and the homeowner will have a chance to update their election
If complete, the customer will receive the APR discount
If M2 has been approved, the customer will need to wait until they set up their account in the myeverbright portal to update their electioin
In this case, the customer will NOT receive the APR discount.
If a homeowner is questioning the contract only reflecting the 3.49% Base Rate instead of the ACH Rate (2.99%) and has opt-in for ACH.
“Hello [Homeowner Name],
Per your contract under the Truth-in-Lending Disclosure, it states that the Annual Percentage Rate (“APR”) found in your agreement applies if you do not elect to pay via recurring ACH payments and electronic statements. For further details, you can review your contract and specifically the “Discount for Recurring ACH Payments and Electronic Statements Opt-In; Estimated Disclosures” for further details. In your case, as long as you are opt-in to ACH, which we noticed you have, you will get the 0.5% APR discount as mentioned which brings your APR from 3.49% to 2.99%! Thank you for giving us the opportunity to clarify!
Thanks,
[Agent’s Name]
If the customer has questions regarding non-ACH vs ACH Buy Down payments, Schedule 1 can be found on page 17 of the RIC contract.
Eliminated transfer fee ($250), credit check exemption fee ($250), payment by phone fee ($9.00), and payment processing fee ($7.50)
Updated cancellation notice to 10 business days across all states
You, the buyer, may cancel this transaction at any time prior to midnight of the TENTH business day after the date of this transaction. See the attached Notice of Cancellation form for an explanation of this right.
Regardless, if a customer wishes to cancel their EverBright contract, support will follow the Cancellation SOP
Added language regarding the Military Lending Act
The Military Lending Act (“MLA”) provides important protections to members of the Armed Forces and their dependents (“Covered Borrowers”) relating to extensions of consumer credit. In general, the cost of consumer credit to a Covered Borrower may not exceed a “Military APR” of 36%. The Military APR must include, as applicable, the costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (with certain exceptions); and any participation fee charged (except for a credit card account). EverBright has not charged you any of the aforementioned costs and fees in this Agreement.
The Military Lending Act (“MLA”) FAQ
Q. Who qualifies under the MLA?
A. The MLA applies to active-duty service members (including those on active Guard or active Reserve duty).
Q. Which dependents are protected by MLA?
A. Spouses, children younger than 21 years old, and full-time students younger than 23.
Q. Can my annual percentage rate go over 36%?
A. No
Q. Are there any prepayment penalties?
A. No
RIC 2.0 Milestone Workflow Guides
2.
3.
Milestone Workflow Comparison.pdf
Milestone Task Video
https://vimeo.com/802785888/7f55459dc0