Best Depreciation Protection Providers In 20194 min read

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(Last Updated On: March 16, 2019)

Protecting Your Borrowers With Depreciation Protection

That’s wonderful you are considering Depreciation Protection 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 Protection? No problem! Take a look at What Is Depreciation Protection? (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 Protection providers.

Even ones which are our competition.

Why?

Because we realize our solutions may not be a fit for every institution.

Depreciation Protection 10-Second Summary

Stopwatch
Tick, tick, tick, tick

Depreciation Protection is a relatively new product to the lending industry.

The need arose through a “perfect storm” of factors, the culmination of which can leave both your borrowers and institution open to potential liability and 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?

Great question.

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).

What challenges do you want to address?

Three Darts
Here’s to bullseye on your goals!
  • 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 Protection. 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 protection 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 Protection 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 Protection 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 Protection Providers

So here’s our list of the Best Depreciation Protection 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!).

SWBC

Location: San Antonio, TX

Founded: 1976

Website: https://www.swbc.com

Product name: PowerBuy

Allied Solutions LLC

Location: Carmel, IN.

Founded: 1978

Website: https://www.alliedsolutions.net

Product Name: Depreciation Protection

Frost Financial Services, Inc.

Location: Cincinnati, OH

Founded: 1972

Website: https://www.frostinsure.com

Product name: TotalRestart

GAP & Depreciation Protection (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 Protection.

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

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Our library of content on Depreciation Protection is continually growing. You may find these helpful:

Depreciation Protection: Definition, Benefits & Getting Started

Depreciation Protection: How to choose the best program for your FI

Managing Your Auto Loan Portfolio Risk (White Paper)