Protecting Your Borrowers With Depreciation Coverage
That’s wonderful you are considering Depreciation Coverage for your auto loan borrowers. As with any other product search, part of the challenge is finding reputable providers, then assessing their fit with your institution.
Did you end up here before learning the ins-and-outs of Depreciation coverage? No problem! Take a look at What Is Depreciation Coverage? (Definition, Benefits, & Getting Started).
Now that we’re all on the same page, we want to help you simplify some of the initial steps.
Below we offer a list of Depreciation Coverage providers.
Even ones which are our competition.
Because we realize our solutions may not be a fit for every institution.
Depreciation Coverage 10-Second Summary
Depreciation coverage is a relatively new product category in the lending industry.
It helps protect against the fall in value of a vehicle due to depreciation, in the case of a total loss. It also can protect borrowers and the institution from liability and associated losses.
With 2 seconds to spare!
Let’s Get You Empowered
After leaving this page and engaging with service providers, you’re going to enter the “we can do it” world. What’s that, you ask?
It’s where you have meetings with a number of potential product vendors and each explains why their solution is the best for your institution.
Now that you’ve spent a whole lot of time and energy, it may feel like every choice is the same as the one before.
Let’s step back and help you make a plan. You’re going to figure out what matters most to you (and your borrowers).
Rushed for time? Bookmark this page and get fast insights now! Download our Depreciation Coverage Cheat Sheet. Get 5 quick tips that you can act upon immediately!
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What challenges do you want to address?
- Increase revenue
- Maximize loyalty
- Minimize institution risk
- Ensure maximum borrower benefits
- Ease of offering for staff
Do any of these carry a higher priority?
Perhaps your auditor review just finished and you’re reeling from meeting their recommendations. In that case, look closely at how a provider can help you minimize risk to your institution and borrowers.
Maybe revenue growth is #1 on the plate for the year.
Whatever it is, now you know precisely why you may wish to offer Depreciation coverage. And you can focus on providers which are the best fit to help you achieve those ends.
Another common challenge we find is the time consumed in just finding the providers.
Since there’s no agreed-upon name for the product, just searching “depreciation coverage providers” online may or may not get you a complete list.
Which means you’re wasting time. And we despise wasted time. Bet you do, too. For that, we have an answer which really does work for everyone!
We put together a list of the 3 best Depreciation Coverage providers for financial institutions like yours.
Keep in mind how you ranked the challenges and goals above (and others not mentioned) as you review your options from the varied providers.
After preparing yourself through our informational content, visit their websites directly to see which “checks all the boxes”.
Why, yes, we do offer a Depreciation Coverage solution
While our TotalRestart solution addresses all the listed challenges, we understand that it may not be a fit for your particular institution. That’s cool! It’s about finding the right solution for you, your team, and your loan holders.
At first, it may seem odd that these crazy folks at GreenProfit Solutions share contact info for our competitors.
Well, why not?
Eventually, you’d find them anyway (eeww, thinking about wasted time again).
If we can help you save time and energy, alongside gaining honest insights…well, that’s our mission in a nutshell.
Best Depreciation Coverage Providers
So here’s our list of the Best Depreciation Coverage providers to the financial institution industry.
They are shown in not-alphabetical order (if alphabetical doesn’t cause awkward flashbacks to sitting in the front or back of your classroom, consider yourself lucky!).
Location: San Antonio, TX
Product name: PowerBuy
Allied Solutions LLC
Location: Carmel, IN.
Product Name: Depreciation Protection
Frost Financial Services, Inc.
Location: Cincinnati, OH
Product name: TotalRestart
These are our partners!
GAP & Depreciation Coverage (A Side Note)
Most GAP providers offer GAP Plus, which includes an additional cash benefit on their GAP protection (in states where approved).
This money is paid out to the borrower (as a loyalty bonus) in the event of a total loss, in addition to their agreed-upon GAP benefits. In a way, it is similar to Depreciation Coverage.
The borrower can take advantage of this money only through financing the replacement vehicle with the institution that provided the GAP coverage.
Appreciation for Depreciation
Before you go, we have a simple request. Subscribe to the Learning Library. That will ensure you stay apprised of all new content as we share it. Go ahead, all the cool kids are doing it.
Our library of content on Depreciation Coverage is continually growing. You may find these helpful:
- Depreciation Coverage: Definition, Benefits & Getting Started
- Depreciation Coverage: How to choose the best program for your FI
- Managing Your Auto Loan Portfolio Risk (White Paper)
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Focused on helping your bank or credit union grow in the face of emerging challenges.