The moment your borrower drives their new car off the lot, it’s worth less. Sometimes, a lot less. For this scenario, your financial institution knows to offer GAP coverage as protection. What about safeguarding against other risks? You’re thinking Debt Cancellation or Suspension Contracts, of which GAP is a cousin….
What’s a sticker got to do with your loan portfolio? A lot, if it’s the right sticker. You know the one. The ubiquitous piece of new car design, always visible on that passenger window. It even has a name: Monroney labels Did you know it was named after a U.S….
Editor’s Note: Vendor’s Single Interest and Collateral Protection Insurance are both really long terms. For brevity, we’ll be referring to them as VSI and CPI throughout the article, except in certain headers. CPI & VSI: Insurances to Protect Lender Lenders like you strive to reduce risk. When a loan is…
Got Uninsured Collateral? Here’s Your Solution. Hey, you booked an auto loan! That’s wonderful. I bet your financial institution requires insurance on this asset. And your loan agreement states it must be secured and maintained for the life of the loan, right? Why? Because the car is also the collateral….
Take your Guaranteed Asset Protection to New Levels Guaranteed Asset Protection (GAP) is simple! Right? It’s great at generating non-interest income and protecting your loan portfolio (along with your members). Yet keeping it all “above water” may not be as easy as you think. We put together 5 recommendations to…
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