Share Your GAP Success Story
We're Upping the Ante!
How does a $5000 Cash Prize Sound?
We regularly get heartwarming stories of how your protection products make a real difference in borrower's lives. We want to share these experiences with others via video testimonials. It's easy! Grab your smartphone, hit record and send the video over to us.
We also want your borrowers themselves to be heard! Send their video testimonials over to us too, and every quarter we will choose one institution's story and one borrower's story and award a $500 cash prize to each.
Each winner will also be entered in to win a year-end $5000 Grand Prize for the best lender story and $5000 Grand Prize for the best borrower's story.
Click Here For More Details and to Upload Your Video
In our ongoing effort to keep our applications current with recommended security protocols, we are implementing Multi-Factor Authentication (MFA).
We successfully launched Phase 1 of our Multi-Factor Authentication (MFA) on August 10th. We greatly appreciate everyone's efforts and patience in launching this new security feature. In order for Phase 2 to be as seamless as possible we will need both Loan Officers and Management to take a moment and do the following items prior to September 30, 2021:
Loan Officers -
If you have not already done so, please take a moment to make sure we have your email address correct in VisualGAP. You can view the email address under the `Administration` Tab and the `User Profile` option. If it's not correct, please call us at 888.753.7678 so that we can get it updated for you. Once Phase 2 is launched you will be required to change your password every 90 days, and you will be prompted to enter a security code in order to proceed. This security code will be sent to the email address that we have listed in your `User Profile`.
If you happen to be sharing your Administrator credentials with any other individuals, in order to pull reports or do your remittances, we will need to setup each individual with their own administrator credentials. You can email our customer service department (firstname.lastname@example.org) a list of names and their email addresses. Please indicate in the subject line or body of the email that you are requesting Additional Admin credentials, and please make sure to include your phone number in case we have any further questions. We will then send each individual a secure email. They will then be prompted to change their password when accessing our site for the first time.
It is also very important to make sure that your list of users in VisualGAP is up-to-date and any employees that do not need access to VisualGAP are deactivated. You can generate a user report by clicking on the `Report` feature and then select `VisualGAP User Report`. If a user needs to be removed/deactivated, please indicate it on the report and email it to email@example.com. If you have 25 or more users to remove, please email firstname.lastname@example.org and we'll send you a spreadsheet to work with.
Once Phase 2 is complete, management will have the ability to reset loan officers' passwords via the `User Profile` option. Loan officers will also have the ability to reset their own passwords using the MFA process.
As stated above, we greatly appreciate your efforts and patience in launching this new feature.
Lisa MarkwellDirector of Operations
JD Power Valuations - Monthly vs. Weekly
Used car prices have taken a very unusual path over the first half of 2021. In fact, wholesale auction prices finally showed their first weekly decline during the week ending June 20, after showing increases for 24 consecutive weeks.
This unusual pattern has led to some unexpected and sometimes inconsistent JD Power valuations. We have received a number of inquiries in recent weeks where valuations provided in VisualGAP did not match what was provided by a dealer or what lender may have pulled directly from JD Power site. The primary reason for these discrepancies is that JD Power / NADA now provides both Monthly and Weekly valuation updates. The introduction of weekly adjustments began in 2020 and now users can select Weekly or Monthly values when utilizing JD Power site. Please note that the valuations provided in VisualGAP are now based on the Weekly updates, as those provide the most current valuations available. If trying to match values from different sources, make sure that Weekly option is being selected.
We have also been asked which value will be used for Loan to Value LTV determination in the event of a GAP claim. Weekly values are available for historical valuations beginning with April 2020. Given this, we will use the Weekly value provide by JD Power for GAP waivers with inception dates of April 2020 or after and the Monthly values for those prior to April 2020.
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.