Last Week Another crazy week in a wild year. We spent the first three days of the week ratcheting up the odds of the potential of a faster Fed taper and earlier policy rate hikes, then we spent the da...
Some things, like fine wine, get better with age. Unfortunately for vehicle owners, cars rarely get better with age. In addition to losing significant value immediately after driving off the dealer's lot, new cars depreciate 15-25% each of their first five years, according to Edmunds.com.
After a total vehicle loss, your institution's members are increasingly finding themselves owing more on their vehicles than the vehicles are worth and receiving significantly depreciated settlement checks.
Fortunately, vehicle protection products have evolved to include protection from vehicle depreciation. The latest evolution in vehicle protection is Guaranteed Asset Protection (GAP) with PowerBuy®. While traditional GAP pays the difference between actual cash value and the vehicle loan balance after a total loss, GAP with PowerBuy helps cover a borrower's outstanding loan balance plus reimburse for depreciation. To put it simply, GAP protects the consumer's loan, and PowerBuy protects the consumer's investment!
Check out our infographic to see how GAP with PowerBuy helped Anne replace her vehicle after her car was stolen.
For more information on how to protect your members with GAP with PowerBuy and information on other auto lending trends, check out our free ebook.
Jeff joined SWBC in 2004 to provide service in Ohio, Michigan, and surrounding Midwest states. Jeff has more than 30 years of business client relations experience, which includes a background in insurance through Equitable Life Assurance Society and operations for a records management and document storage company that served financial institutions. His experience and vast knowledge of the financial industry has helped deliver products that increase revenue for financial institutions, as well as bundle products so clients receive the greatest benefit without increasing distribution cost. Jeff is a graduate of Central Michigan University and The American College, and he holds a Chartered Life Underwriter (CLU) designation.
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