With WNC’s Collateral Protection Insurance (CPI), you have a win-win solution that secures your consumer loan portfolio by protecting your interests and helping your customers protect theirs. When your customer’s insurance cancels, lapses or expires for whatever reason, you can instantly place coverage as soon as you find out. Your interest stays secure and your customer remains protected against a potential uninsured loss or damage.
To ease the burden of managing insurance per loan, CPI is also available as Lenders Single Interest Insurance for all eligible loan collateral in your consumer loan portfolio.
Wholly owned by Tokio Marine Kiln, one of the largest Lloyd’s carriers, rated A (Excellent) for financial strength
Dedicated accounted services representatives for prompt support and an unrivaled customer experience
Fast Claim Support
Quick and easy claim reporting via a web-based portal and managed by WNC’s Precise Adjustments
Secure Your Portfolio with Collateral Protection Insurance
With WNC’s lender-placed Collateral Protection Insurance (CPI), you protect your interests by helping your borrowers protect theirs. Our CPI program provides a full range of administrative and support services that include inception-to-date insurance data capture and management, borrower notifications, exposure reporting, coverage placement, and customer service call center.
CPI is also available as Lenders Single Interest blanket insurance for all eligible loan collateral in a client’s consumer loan portfolio.
Cover the GAP Between Insurance Payout and Loan Payoff
With vehicle values declining rapidly during the first few years of ownership, loan terms increasing and down payments decreasing, the loan payoff amortizes more slowly. If a vehicle is stolen, accidentally damaged beyond repair, or declared a total loss, the borrower’s insurance will only cover the depreciated or actual cash value of the vehicle. The borrower remains liable for the difference or “GAP” between the insurance settlement and loan payoff. WNC’s Auto GAP product protects the lender and borrower from this deficiency.
WNC’s Auto GAP Benefits
How Auto GAP protection benefits lenders:
- Reduces credit and loan losses
- Provides valuable service to borrowers
- Provides fee income opportunity
- Increases borrower satisfaction
- Eases administrative and claim filing processes
- Provides optional internet-based training
How Auto GAP protection benefits borrowers:
- Limits out-of-pocket expense
- Protects credit rating
- Helps prevent financial hardship
- Makes purchase of a replacement vehicle more affordable
- Provides peace of mind
To simplify administration, WNC’s web-based GAPExpress™ solution enables a lender to price GAP enrollments, print waiver forms, track GAP sales by lending officer or loan originator, and submit GAP enrollments online.
Auto GAP Options for Added Benefits
GAP Advantage is an option that delivers an additional borrower benefit by providing a discount allowance up to $1,000 toward a replacement vehicle, as long as financing is with the same lender. GAP Advantage is not available in all states.
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Senior Vice President, Business Development, Specialty Property Division
Scott Phillips joined WNC in 2019 as Senior Vice President of Business Development. In his role, he is responsible for driving strategic growth opportunities and developing new client relationships … Read more