CapEd Credit Union’s Post

Lenders must apply F&I refunds after vehicles repossessed or totaled, N.Y. says: The New York State Department of Financial Services reminded auto lenders to give consumers refunds on car protection products if their vehicles are repossessed or deemed a total loss. The CFPB also has frowned on financial institutions failing to refund GAP insurance after total losses. #cars #auto #car

GAP insurance bridges the gap between what standard insurance covers and what borrowers owe on their vehicles.  With today’s rising auto debt and longer loan terms, GAP has become a crucial safety net for consumers in case of total loss or theft. For borrowers, it means avoiding negative equity risks and getting help with deductibles and replacement costs.  Lenders benefit too, with reduced risk exposure and enhanced customer retention. In these economic times, GAP coverage is not just beneficial, it's essential.  Do you pitch GAP insurance to every buyer? Let us know in the comments. #automotivedealerships #insuranceindustry #autodealers #vehicleprotection #vehiclesales

💎Product Spotlight - Guaranteed Asset Protection (GAP)💎 Did you know that the average GAP claim falls between $3,200 and $9,500? With GAP, drivers can feel confident knowing that they won’t have to experience the financial burden of out-of-pocket expenses if their vehicle is declared a total loss. It's one of the many DOWC protection products that provide drivers with peace of mind and financial security in the event of an incident. Contact support@dowc.com today to learn more about GAP and the rest of our industry-leading F&I products. . . . #DOWC #vehicleprotection #automotive #autodealer #finance #insurance #auto #dealer #autodealer #dealership

We're two weeks out from #AutoFinanceSummit2023 in Las Vegas! If you'll be there, be sure to connect with us to help you streamline your auto lending and dealing processes—we've got some good stuff to share! Learn more about it, straight from Auto Finance News themselves: https://hubs.la/Q023sHcg0 #autoindustry #automationsolutions #autoinsurance #lowcostsolutions

A total loss can be extremely frustrating! Imagine having to make payments on a vehicle you no longer own. In the case of a total loss, automobile insurance typically covers only the cash or market value of the vehicle. In many cases, this amount is significantly less than the amount that is owed to the finance company on the retail installment contract. This results in a financial gap. Compass GAP helps protect the customer in this instance. Learn More: https://bit.ly/3Jg2hRg #AGWS #gap #loss #totalloss #video

Automation and #AI can help provide the data lenders need to support standardized GAP refunds that are also compliant federally and by state and can do so in a way that will reduce costs not increase them. Reach out to Informed.IQ if you are doing #autolending and want to know how this can be done.

Reach out if you need help creating and automating this process. #Compliance with this issue is straightforward with the right tools and processes, especially when you can leverage a knowledge graph containing federal and individual state requirements. #ancilaryproducts #GAP #CFPB #regulatorycompliance #regulation #machinelearning #VPP #refunds

Do you know all your fees? Here is one that is often overlooked. #autodealership #automotiveindustry #reinsurance #wealthmanagement #cardealership

I’m sure many of you have seen this regarding Car Finance and potential future claims re hidden commissions. However, in the spirit of sharing useful information just in case anyone hasn’t, here’s the link. Really easy to use, navigate and I think worth doing. Over to you. #carfinance #complaints #motorfinance #commissions https://lnkd.in/eqXYTf3b

Are your vehicle choices impacting your financial future? Using the most a vehicle financier will lend you and prioritizing expensive vehicles can hinder your ability to build lasting assets like investments and property. Making informed, financially sound decisions about what car to buy will ensure you do not jeopardise your financial future. #smartaboutmoney #financialeducation #financialplanning #moneymanagement #vehiclefinance #credit #debt