Vehicle Extended Protection Plans
Vehicle extended protection plans, also known as vehicle service contracts or extended warranties, offer borrower protection beyond a manufacturer’s warranty.
Today’s borrowers purchase or drive their vehicles beyond the limits of the basic manufacturers’ warranties. Some borrowers realize they might not have the financial resources to cover the cost of unexpected and expensive mechanical repairs. Others desire the protection but decline, because of the high cost or poor reputation of some dealer plans.
By offering our program, a financial institution has the opportunity to provide a value-added service, make protection affordable to those who otherwise would decline coverage, protect loan collateral by increasing the likelihood of vehicle maintenance, and earn additional fee income.
Additionally, our all-in-one quoting tool simplifies discussions with borrowers. Lenders can administer GAP, warranty, and credit insurance enrollments with one easy-to-understand system.