(888) 753-7678

Our Commitment to Business Continuity

To Our Valued Customers and Partners,

As COVID-19 (coronavirus) continues to expand, we want to communicate our commitment to business continuity while at the same time, ensuring the health and safety of our customers, partners and employees.

We are pleased to report that we have the processes and practices in place to provide uninterrupted support of our Administrative Services and the VisualGAP platform. As necessary, we have the capabilities to provide full services, including administrative support, training and claims processing through remote operations. In addition to continued operations, be assured that Frost's Business Continuity Plan maintains the security of all data in full compliance with our SSAE16 certification.

We will continue to monitor the situation and take appropriate actions to ensure that our services to you remain uninterrupted. Should you have any questions in regards to our Business Continuity Plan in response to COVID-19 please contact me directly at jtenhundfeld@frostinsure.com or at 888.753.7678 ext. 2315.

Sincerely,

Jim Tenhundfeld

President

 

Marketing & Selling GAP with Confidence

GAP is a valuable and popular loan protection product that is designed to help protect auto loan borrowers and provide peace of mind. However, some recent industry news has highlighted the risk of sloppy marketing/sales tactics and reinforces the importance of marketing/selling GAP appropriately and accurately.

The following list of “Do's” and “Don'ts” will help ensure that your borrowers understand the product they are buying, and help keep your institution out of legal and regulatory hot water. Please share these best practices with your lending, marketing and compliance colleagues at your institution.

Download the list of “Do's” and “Don'ts”

Exciting News for Clients with the Auto Advantage Program

Auto Deductible Reimbursement (ADR)

We have great news for all VisualGAP clients that provide complimentary Auto Deductible Reimbursement (ADR) benefits for their borrowers that elect GAP. Frost has made arrangements with the ADR Administrator to streamline the benefit claim process in the event of a Total Loss GAP claim.

If there is a Total Loss GAP claim and the borrower has the ADR benefit, Frost will automatically submit the needed information to the ADR administrator which will simplify the claims process and allow us to "coordinate benefits" to make sure that the program is delivering more value for you and your borrowers

In situations where the vehicle is damaged and not a Total Loss or a GAP claim results in a $0 benefit, the borrower should continue to be directed to https://www.assuranceplus.com/Claims to submit their benefit request.

NEW! In Version 4 - EasyQuote

Preview your new one-screen tool for creating quotes!
Every quote is made on one screen and seamlessly coordinates with VisualGAP® Presentations.

See how EasyQuote works for all of your quotes!
EasyQuote for GAP
EasyQuote for GAP and Warranty
EasyQuote for GAP, Warranty and Credit Insurance
View a video demo

Above and Beyond

Every team has them - those employees who go above and beyond to make a difference. The ones who gladly go the extra mile and we're inviting you to help us recognize them!

Go to our web site, tell us about someone who has gone above and beyond, and they will be entered into a quarterly drawing for $300. You know who they are - the ones who make it their job to make life better for a credit union member or other employees - inside the credit union or out in the community!

When it comes to protecting your member, your credit union and your bottom line, we, too, believe in going Above & Beyond. At Frost Financial (home of VisualGAP), we work with over 1,000 credit unions on insurance and lending products that protect the financial well-being of your members, drive revenue, lending growth and loss prevention. The launch of our TotalRestart depreciation protection program for low LTV auto loans is a prime example of our commitment to your success.

We look forward to hearing your Above & Beyond story! Please visit our web site, complete the recognition form and tell us what the team member did to go the extra mile. Because each quarter, we will select one Above & Beyond story at random from all those we receive and award that employee $300!

Letters of Guarantee (LOG) & Legal Jeopardy

How does the routine and common practice of signing a Letter of Guarantee with your borrower's physical damage insurance company become a legal nightmare for you? Simple. You signed up for it.

As is standard procedure, when a borrower totals his or her car, the insurance company sends the lien holder a summary letter and a document called a Letter of Guarantee (LOG). The Letter of Guarantee details what they will pay in return for releasing the title of the totaled auto. This letter is written by the insurance company and is, naturally, designed to protect their interests; however, it has the potential to jeopardize the interests, legal and financial, of you and your borrower──if you sign it!

Read here for details

VisualGAP® Training Schedule

Training

VisualGAP® offers online training sessions through GoToMeeting®. This is a very exciting way to re-train employees and train new hires on how to use VisualGAP®, and we believe it will have great benefits for everyone using the system. Here is a list of our up-coming Training Sessions:

Using VisualGAP®

How to use VisualGAP® - This training session will re-train employees or train new hires on how to use VisualGAP®.

Wednesday September 9 - 11:00 am EDT
Monday September 14 - 1:00 pm EDT
Monday September 21 - 1:00 pm EDT
Wednesday September 23 - 11:00 am EDT
Monday September 28 - 1:00 pm EDT

Monthly Remittance

This session will train the employee who handles your GAP monthly remittance how to reconcile and remit payment.

Wednesday September 9 - 2:00 pm EDT

Filing Claims

Basics of how GAP claims should be processed.

Thursday September 24 - 2:00 pm EDT

Contest Corner

GRAND PRIZE
prizes

You can win great prizes by entering our VisualGAP® contests! You will be awarded an entry into the contest each time you sell a GAP waiver. The more GAP waivers you sell through VisualGAP® the more opportunities you have to win.

You can enter to win by clicking on 'Update Profile' in the 'Contest Corner' tab and selecting "Yes, enter me in the VisualGAP® contests". Please make sure to check with management at your Financial Institution prior to enrolling in the contests. You can always change your selection by clicking on 'Update Profile' at a later date.

This is a win-win situation for both you and your Financial Institution. The more you sell the more opportunities you have to win, but you also help protect more borrowers and generate more fee income for your Financial Institution.

If your Financial Institution does not want to participate in Contest Corner, please call us at 888.753.7678 and we can turn off access to the current contests for all loan officers.

TotalRestart Loyalty Membership Program

Frost has recently introduced an enhancement to our GAP program that can greatly increase the value of your GAP offering. Our new TotalRestart Loyalty Membership Program does more than just forgive a deficiency loan balance created by a theft or total loss. It helps borrowers replace their total loss vehicle with one similar to the one they originally purchased and financed with your Financial Institution.

Contact your local representative or email us to learn how you can significantly increase your GAP sales by adding clear value and benefits to your GAP offering. Additionally, increase loyalty after a total loss and ensure that the loan for the replacement vehicle ends up with your Financial Institution.

TotalRestart is available exclusively through VisualGAP®.

NADA Lender Advantage

Getting ahead is going to get harder, but Lender Advantage is here to help. Our team of experts provides a full suite of vehicle analysis services that put you in the fast lane so you can keep up with marketplace changes.

NADA Offers a Full Suite of Vehicle Analysis Services

Lender Advantage brings you the data and insight you need to make more informed business decisions, better manage portfolio performance and increase profitability. Select from the following services:

  • Vehicle Risk Analysis: Set realistic asking prices using up-to-date market data.
  • Remarketing Planning: Stay on top of changing wholesale market conditions
  • Portfolio Analysis: Understand the value of your portfolio today and in the future
  • Stress Testing: Evaluate portfolio performance under hypothetical economic and market scenarios.

Visit the NADA site to learn more!

ALG Annual Residual Value Awards

Each year, ALG honors vehicle brands most likely to retain their value.

Visit the ALG website for the list of this year's award winners.

© 2020 Frost Financial Services, Inc.