Glenview Finance clients can now provide their customers with low-cost Collateral Protection Insurance (CPI) as well as Guaranteed Asset Protection (GAP) and Warranty Coverage via the company’s in-house programs that gives added protection to the dealer and lowers insurance rates for their already cash-strapped consumers.
“These programs are especially beneficial to dealerships who are using Glenview’s capital programs to grow their finance portfolios and whose volume may not allow them to utilize these programs directly from insurance companies,” said Glenview Finance President John Donaldson.
The CPI program also gives dealers the advantage of placing vehicle CPI coverage on the day the deal closes, so long as they sell the contract to Glenview within seven days of closing the contract. The program provides physical damage collateral coverage for installment contracts secured by eligible collateral.
“There is no down payment on this insurance product as is required with most insurance carriers for subprime borrowers,” said John Donaldson, Glenview Finance president. “This enables the customer to make a larger down payment on the vehicle, or potentially qualify for a more expensive vehicle.”
High insurance costs to subprime borrowers, insurance denials, and lapsed insurance are all frequent issues in the buy here-pay here and subprime marketplace for retailers. Our CPI product eliminates these issues, as payments are made each month along with the interest and principle on the vehicle. The cost of the CPI to consumers can often be less expensive than the collision and comprehensive policy they would have to obtain on their own.
Guaranteed Asset Protection, “GAP”, is a popular product with new car dealers, but has significant advantages to buy here-pay here dealers. Specifically, if a vehicle is involved in an accident, the insurance payoff in this market segment is typically less than what the insurer will pay — the deficiency balance. GAP the difference between insurer settlement and the loan balance if a customer’s vehicle is deemed a total loss.
GAP is paid for at the time of finance contract closing, and becomes a revenue stream for the dealer. Dealers can choose how much they can reasonably charge for the insurance, and those revenues above the cost of the insurance are shared with Glenview and the dealer over time.
“These products, often not available directly to our dealers, have tremendous value for our clients and their customers,” Donaldson said. “Peace of mind is invaluable in our business, and these products provide that as well as making financial sense for all involved.”
For more information contact Glenview at 877-288-0307 or visit https://www.glenviewfinance.com.
Release ID: 89052979