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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

Multi-Factor Authentication

Update!

In our ongoing effort to keep our applications current with recommended security protocols, we are implementing Multi-Factor Authentication (MFA).

PHASE 2

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`.

Management - 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 (cs@visualgap.com) 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 cs@visualgap.com. If you have 25 or more users to remove, please email cs@visualgap.com 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.

Sincerely,

Lisa Markwell
Director 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.

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®.

Monday October 4 - 1:00 pm EDT
Tuesday October 5 - 11:00 am EDT
Monday October 11 - 1:00 pm EDT
Monday October 18 - 1:00 pm EDT
Monday October 25 - 1:00 pm EDT
Tuesday October 26 - 11:00 am EDT

Monthly Remittance

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

Wednesday October 6 - 2:00 pm EDT

Filing Claims

Basics of how GAP claims should be processed.

Thursday October 21 - 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.

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”

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®.

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.

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

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

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