Most auto loans, wherever they’re obtained, give the creditor the right to repossess a vehicle if an individual defaults on a car or truck loan. What’s more, the lender is not required to give prior notice. And, after repossessing the car, the lender will sell it to recover the money owed. If there’s a shortfall between the outstanding loan balance and the sale price, the original owner of the vehicle may be held responsible for paying it, plus the creditor’s repossession expenses.
Repo Foreclosed coverage offered through Dealer Protection Group (DPG) can provide the stop-gap mechanism needed to cover the expenses between the loan balance and the sale price. As a dealer, you can offer this coverage to customers to help protect them in the unfortunate event that their vehicle is repossessed down the line. In these uncertain economic times, this scenario has become much more common. People who’ve had excellent credit and financial security find themselves in situations that were once unimaginable.
Hard times require smart coverage.
Provide a second layer of security with Repo/Foreclosed coverage. Give us a call at 949.208.8550, email us, or fill out the convenient form on this page for more information.