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…
Is VSC Right For Your Credit Union? Vehicle Service Contract (VSC) programs. Extended warranties. Mechanical Breakdown insurance. Different names. Same class of protection. And commonly offered alongside auto loans, with the other mainstays of credit insurance and GAP coverage. So, is it worth it? For simplicity, we’re going to refer…
What’s All This About Protecting Against Depreciation? This probably isn’t the first time you’re hearing that term. Depreciation coverage is making inroads within the auto lending sector. Naturally, you’re looking for some quality info on it. What is it? Should our institution offer? What are the pros and cons of…