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Mandi Haynes - Loan Officer, (IL)
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Frost Financial Services, Inc. BBB Business Review
 
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New!
"More Auto Accidents = More Total Losses = More GAP Claims."

In the world of auto physical damage claims, the past year has seen profound changes. The wide-reaching scope of these changes is likely to have a significant impact on borrowers and auto lenders, not to mention auto insurers and GAP providers. In short, we are seeing an increase in auto accident frequency, an even greater increase in the percentage of accidents that result in a total loss, and yet an even greater increase in the percentage of borrowers left with a deficiency balance after total loss. Some of these deficiencies result in GAP claims, and some result in very unhappy borrowers and/or lender write-offs.

The research and findings that follow provide an overview of 1) the economic, regulatory and technological changes over the last 10 years that have precipitated these changes; 2) their significant impact on auto lending; and 3) what to expect in the next 10 years.

Key Findings:

  • Total loss GAP claims up >50%
  • Vehicle depreciation is at record highs, particularly in specific vehicle segments
  • Repair costs are increasing due to high-tech components, causing more accidents to result in total losses
  • Primary auto insurer loss settlements are NOT typically at NADA Clean Retail
  • Used car loans are often made assuming a vehicle value of NADA Clean Retail, but without CARFAX and inspection, this can prove to be a costly assumption. 100% loan to value (LTV) does not always mean 100% LTV.
  • Recent CFPB supervisory and state regulatory changes call for review of practices and products.

Moving forward, economic, regulatory and technological factors will continue to exert their influence, making it more important than ever to ensure that loans are protected with GAP coverage and that total losses don't result in undue financial strain on borrowers, uncollectible debts for lenders, and the inability of borrowers to get into a replacement vehicle. READ MORE ...

 
 
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New!
VisualGAP Contest Title

GiftPrize You can now 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.

prizes 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.

 

 
 
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IMPORTANT Message For Internet Explorer (Prior to IE 10) Browser Users

We have taken action to help ensure the integrity and security of the VisualGAP® application and as a result, older versions of Microsoft Internet Explorer (versions prior to IE 10) will experience certain limitations when utilizing the application.

Users of the Internet Explorer (IE) browser should update to one of the available newer versions (in most cases that will be IE11). Microsoft is no longer supporting or providing security updates for older versions of IE. Older versions of IE can expose users to known vulnerabilities.

If you are having issues viewing the dynamic GAP Graph, you will need to update to Internet Explorer 10 or above in order to view the dynamic GAP graph. Please contact your technical support staff to ensure that your browser gets updated properly.

 
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VisualGAP Training Title
We are excited to announce that VisualGAP® now 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:
How to use VisualGAP® - This training session will re-train employees or train new hires on how to use VisualGAP®.
Mon.
June 5
  1:00 PM EDT
Thur.
June 8
11:00 AM EDT
Mon.
June 12
  1:00 PM EDT
Mon.
June 19
  1:00 PM EDT
Thur.
June 22
11:00 AM EDT
Mon.
June 26
  1:00 PM EDT
How to do your Monthly GAP Remittance - This session will train the employee who handles your GAP monthly remittance how to reconcile and remit payment.
Wed.
June 21
  2:00 PM EDT
How to Process GAP Claims - Basics of how GAP claims should be processed.
Thur.
June 25
  2:00 PM EDT
To register for a training session please login to VisualGAP® and click on the Help, Training & News Tab at the top of the screen. Then click on the GoToMeeting® Schedule and pick your session by clicking on the link.
 
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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 at jtenhundfeld@frostinsure.com 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®.

 
New!
VisualGAP Training Title

Knowledge is power! You can now take a quick test and become VisualGAP® Certified. This tutorial and brief quiz will help insure that you have a better understanding of your GAP Product and can more effectively explain GAP to your borrowers.

To get certified go to the Contest Corner tab and click on 'VisualGAP® Certification'. The overview and test will take approximately 30 minutes and you will receive your own personalized certificate to honor your achievement upon completion.

We are certain that the certification process will help loan officers be more confident and successful when offering your GAP program to their borrowers.

You can Double Your Chances to win the new contests listed in Contest Corner. Everyone that passes the VisualGAP® Certification course gets double points for GAP waivers sold!.