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.
GAP, Real People and Real Stories
We regularly get heartwarming stories of how your protection products made a real difference in peoples' lives. Let's spread the love! It's easy grab your smartphone, hit record and send it over to us. Every quarter, we will choose one institution's story for a $500 prize. And we also want to hear from your borrowers! Their video testimonials will be entered for a quarterly $500 prize with an additional year-end Grand Prize of $1000.
Click Here For More Details and to Upload Your Video
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