The Dealer Risk Management Group
A Simpler Way of Doing Things
BUY HERE PAY HERE SOLUTIONS
Are your customers having a hard time buying and retaining full coverage insurance on your collateral?
Do you wish there was a less expensive option for your customers?
Do you feel like it is a never-ending cycle to track full coverage insurance?
Have you ever wondered if there is an easier way to protect your collateral?
If you answered yes to any or all of these questions, we a less expensive option for your customers and one that you can manage and track.
As insurance premiums continue to rise, consumers are left with fewer options. Eventually reaching the point of having to choose between making their car payment or the insurance payment.
As a result of the car being the main source of transportation, customers will usually opt to make that payment first. Soon after, the insurance coverage lapses after payments are no longer made. When this happens, dealers and lenders are left in a tough spot, fully exposed to potential losses.
What is a Debt Cancellation Program?
- Debt Cancellation can lower the cost of owning a vehicle.
Only liability insurance is required when a customer is enrolled in the program.
If a total loss is suffered, the customer’s loan balance is canceled.
The program’s cost is added to the car payment.
Insurance tracking is no longer needed.
Frequently Asked Questions
Q. Is a debt cancellation program insurance?
A. No, it is an agreement that amends the original retail installment contract.
Q. Does a debt cancellation program cover fender benders?
A. No, the program only covers total losses, making it less expensive.
Q. Can I force my customers to participate in the program?
A. No, the program can only be offered on a voluntary basis.
Q. How are claims resolved?
A. Claims are processed internally by the dealer, allowing for quicker resolutions.
Q. Is there a deductible?
A. No, deductibles are not allowed.
Fees and Requirements
The cost of Debt Cancellation is calculated based on the amount financed and the term of the note. ” * Using state provided rate scale. “
The following are NOT CONSIDERED in the calculation.
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CREDIT CHECK
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DRIVING RECORD
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LICENSE STATUS
Benefits
Not CPI
No Extra Licensing
Staff training at your dealership
Web-based portal
No need for extra staff
Salvage titles ok
Covers total losses only
Bi-Lingual Staff