As the first product of its kind, Depreciation Protection Waiver offers a benefit unlike any other on the market today. In addition to differentiating from your competitors, this industry-leading solution has proven to enhance the value of retail products, increase production and revenue, and improve consumer satisfaction and retention.
It's no secret that consumers like choice and different situations require different product offerings. In the past, our industry has taken a blanket approach when offering traditional GAP...but we're changing this. For the first time ever, we've developed a total loss protection product designed for borrowers with equity.
Don't think of DPW as one more product to sell/offer, but rather another layer of total loss protection. Just as you offer multiple levels of Extended Warranty/Service Contracts, DPW provides a new layer of protection on top of your already successful GAP program.
We hope you will take 30-minutes to learn how this great new product can benefit you and your borrowers!
DPW Does Not Negatively Impact Your GAP Sales
Average LTV of customer purchasing DPW is 73%.DPW Can Increase Your Point-of-Sale Production
Total Loss Protection is now available to all borrowers, not just to those without equity!DPW Provides a Needed Protection for Borrowers with Equity
Depreciation Protection goes where GAP cannot, helping to secure the consumers' cash outlay, trade-in value, or dealer rebates when they purchase a vehicle or at the time of refinance.DPW Creates Another Post-Closing Opportunity
100% open enrollment allows you to offer Depreciation Protection to those consumers who declined total loss protection at the time of purchase or refinance.Actual Depreciation Protection Waiver Claim
Wright-Patt Credit Union - Dayton, Ohio
2007 Chrysler 300
Retail Value: $9,125
Amount Financed: $5,353
Loan Balance at time of Loss: $4,879
DPW benefit: $4,246*
Because DPW paid the loan down, $4,207 of the primary insurance settlement was released to the borrower!
Customer Testimonial: “I am so happy that WPCU offered me Depreciation Protection. I would have lost over $4,000 if I didn’t buy this protection."
*$5,000 applied here because the waiver amount will not exceed the lesser of the maximum amount listed in the waiver addendum or the outstanding loan balance at total loss.Actual Depreciation Protection Waiver Claim
Commonwealth Credit Union - Frankfort, Kentucky
2012 Volvo XC 60
Retail Value: $24,375
Amount Financed: $10,798
Loan Balance at time of Loss: $9,724.03
DPW benefit: $9,724.03*
DPW paid the loan in full meaning the entire Primary Insurance settlement of $19,326.12 was released to the borrower!
Customer Testimonial: “I always put money down on my vehicles and will purchase this product on every vehicle I buy in the future. I’m so happy that my Credit Union offered it to me.”
*$10,000 applied here because the waiver amount will not exceed the lesser of the maximum amount listed in the waiver addendum or outstanding loan balance at total loss.