TotalRestart – Auto Replacement Benefit

TotalRestart Depreciation Protection Info Header

Depreciation Isn’t Your Boss!

Attract and retain more auto loans while protecting members.

GAP is a smart option. As you know, it helps pay the difference between what your borrowers owe and what the insurance company says its worth. Valuable, for sure. However, there’s more at stake. Today, vehicles can depreciate 10% the moment they leave a dealer lot, and up to 30% in the first year. That’s a lot. It also means that your borrower’s down payment and built-up equity could be at risk.

If only there were some protection your borrowers could get from that depreciation…

GAP might help pay off the loan, but is it enough to get them into a similar car?

Lender Benefits

  • Differentiate your loan or GAP offering
    • Provides added value
  • “Blanket” TotalRestart can help increase penetration of GAP sales
    • Show clear value proposition on loans where GAP benefit may be marginal
  • “Voluntary” TotalRestart protects borrowers from depreciation
    • Did we mention it also builds fee income?
  • Increase borrower loyalty after a total loss
    • Only available toward financing replacement vehicle with original lender. That’s you!
    • Borrowers forfeit benefit if they finance elsewhere

Borrower Benefits

  • Allows borrowers to get a car of similar value to the one they originally had
  • Delight borrowers by going beyond loan forgiveness
  • Minimize uncertainty over need for GAP
  • Protects down payment and hard-earned equity
TotalRestart Depreciation Protection Claim Example
TotalRestart Blanket & Voluntary Claim Examples

Visit our Learning Library for a deeper dive on this and other industry topics.

Ready to discuss if TotalRestart might be a fit at your credit union?