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Collateral Protection (VSI)

The requirement, found in all conditional sales contracts and related security agreements, is the borrower must keep the financed vehicle(s) insured with a loss payable clause in favor of the lender.

Our objective for our lenders is to minimize time and labor expense associated with insurance follow-up and provide optimum protection for your uninsured collateral thru a system tailored to your needs and preferences.

All eligible loans you elect to be covered by the collateral protection master policy, will be protected at all times. As our computer tracking system identifies uninsured collateral, it produces letters to those borrowers requesting they provide physical damage coverage. If they fail to respond to those letters, the tracking system issues coverage and the lender advances funds for the premium, which is added to the borrower's loan.

We currently offer the following methods for administrating the Lender's Insurance Program:

  • Insurance Center - Acting as your insurance department, our employees update all insurance, answer all borrower's inquiries thru use of an 800 number. Lender is responsible for assessing all premiums to borrowers notes. And has final authority on all policies.
  • Personal Computer - we offer software to run on your p/c to maintain program. You have a self-contained insurance monitoring system at your fingertips.
  • E. Lender - Allows access to our insurance tracking system and claims system via our web site - all online.

Premium rates are available upon request for those programs, plus all state available miscellaneous casualty coverage.

Back to Basics - Over the past 10 years, single interest insurance premiums have steadily increased due to increased coverage and resulting losses due to these coverage. These premiums have become burdensome, not only to our borrowers, but to the lenders that add them to loans and haven't collected the premiums, usually at the end of a note. Single interest insurance was created to protect a lender from physical damage loss to collateral, but has evolved beyond that.

With our new "Back to Basics" program, we now offer a program that reverts back to the original intent of the product at a premium rate that is fair and equitable to your borrower and lender alike. To make the program even easier, the premium is the same for most of the loans that would be insured, $575.00 for a one year policy, for any loan up to $20,000.

Many of your borrowers will find this coverage is cheaper than coverage they can obtain through the regular insurance market. However, we do not encourage borrowers to opt for this coverage over their own insurance because this does not protect their equity in the collateral, but it does fulfill their obligation to the lender.

As with our other single interest programs, we will provide our insurance tracking services and our claims services.

Under the "Back to Basics" program, coverage will be limited to Comprehensive & Collision only, with a $466.00 deductible to both the borrower and lender. The collateral must be repossessed to file a claim, unless the borrower is no more than thirty (30) days delinquent, in which case a non-repossession claim can be filed.

Blanket Single Interest Insurance - protects lender against physical damage and other related losses. Premiums are based on the total monthly outstanding balance of the loan portfolio being covered or on the total of new loans originated each month. We also have blanket coverage - contact marketing for a quote.


  • Full VSI program (every coverage available, at borrower's & lender's expense)
  • Blanket Program (outstanding loan balance - lender's expense)
  • Back to Basics Program (Borrower's expense)
  • Mortgage Fire