OwnerGUARD Corporation is the Program Administrator and has been in the Financial and Insurance Serv

1
(No Transcript)
2
Guaranteed Asset Protection G A P P R O G R A M
OwnerGUARD Corporation is the Program
Administrator and has been in the Financial and
Insurance Services Industry since 1989.
OwnerGUARD markets and administers its Financial
GAP, Mechanical Breakdown Insurance, Interactive
Auto Center, and other insurance related products
to financial institutions, manufactures,
automobile dealers, and specialty organizations
on a nation wide scope.
The Royal SunAlliance Insurance Group is one
of the ten largest international multi-line
property and casualty insurance operations based
on annual gross premiums written. The group has
over 100 billion in assets, revenues of 16
billion, shareholders equity of 10 billion, and
the ability to transact business in more than 130
countries. The groups rating reflect the market
profile, earnings diversification, excellent
financial an operating leverage, alternative
liquidity and managements strategic plan.
Managements strategy is centered on establishing
the Group as a dominant global general insurer,
supported by the efficient sharing of knowledge
world wide through the establishment of group
practices. All insurance companies in the group
carry an AM Best rating of A IV.
3
Guaranteed Asset Protection G A P P R O G R A M
The Solution People Programs Products
Profits.
Now, financial institutions and automobile
dealers can provide their customers with all of
the unique benefits associated with financial GAP
and payment protection. Whether the financial
institution is a collateral or credit lender,
this protection provides their customers with an
automobile loan or lease program that is uniquely
designed to protect them from further
catastrophic financial loss at the time they can
least afford it. By combining
INNOVATION VISION EXPERIENCE
GE Auto Warranty Services can provide its
financial institution and automobile dealer
clients and their customers with
Financial Protection When You Need it Most
4
Guaranteed Asset Protection G A P P R O G R A M
Financial Institution Participating Automobile
Dealer Benefits
5
Guaranteed Asset Protection G A P P R O G R A M
Consumer Benefits
6
Guaranteed Asset Protection G A P P R O G R A M
Coverage Summary
ALL RISK PROTECTION
Protects against financial loss in the event the
vehicle is declared a total loss due to theft,
collision, fire, or any insured peril. The
Program pays the difference between the
outstanding loan or lease balance as of the date
of loss and the primary insurance settlement.
AVAILABLE FOR NEW AND USED VEHICLES
There are no model or year limitations.
AVAILABLE FOR MOTOR VEHICLES (Personal and
Commercial Utilization)
Includes any automobile van or light truck
utilized for personal and/or commercial purposes
that is less than 10,000 pounds gross vehicle
weight (GVW). No automobile, van, or light truck
used for commercial purposes is covered unless
the surcharge for commercial utilization is
purchased. Taxicabs, trailers, special
commercial usage optional equipment, accessories,
and body components are excluded from coverage.
All other Standard Program Guidelines apply.
Maximum vehicle value is 100,000.
7
Guaranteed Asset Protection G A P P R O G R A M
Coverage Summary (continued)
AVAILABLE FOR COMMERCIAL VEHICLES
Includes only the cab frame and drivetrain of any
long-haul or other truck that is between 10,001
and 75,000 pounds gross vehicle weight (GVW).
Trailers, special commercial usage optional
equipment, accessories, and body components are
excluded from coverage. No commercial truck with
a market value greater than 125,000.00 as of the
date of the Contract is covered. The maximum
term of the Financial Agreement shall be for no
more than seventy-two (72) months after the date
of the Contract. for new vehicles and for no more
than sixty (60) months for used vehicles.
Specific quatations must be obtained other than
long haul trucks/tractors. All other Standard
Program Guidelines apply.
8
Guaranteed Asset Protection G A P P R O G R A M
Coverage Summary (continued)
AVAILABLE FOR WATERCRAFT
Includes boats from 7 to 50 feet in length
inboards, outboards, inflatables, jet drives,
houseboats, sailboats, and stern drives. No
watercraft utilized for commercial purposes is
covered. No watercraft with a market value
greater than 50,000.00 as of the date of the
Contract is covered hereunder. The maximum term
of the Financial Agreement shall be for no more
than one hundred eighty (180) months after the
date of the Contract. Coverage under the
Contract shall not exceed eighty-four (84)
months. All other Standard Program Guidelines
apply.
AVAILABLE FOR RECREATIONAL VEHICLES
Includes conventional trailers 12 to 35 feet in
length, fifth-wheel travel trailers, folding
camping trailers, truck camper units, and type A,
B, and C motorhomes. No recreational vehicle
utilized for commercial purposes or with a market
value greater than 125,000.00 as of the date of
the Contract is covered. The maximum term of the
Financial Agreement shall be for no more than one
hundred eighty (180) months after the date of the
Contract. Coverage under the Contract shall not
exceed eighty-four (84) months. All other
Standard Program Guidelines apply. The maximum
benefit payable is 50,000.
9
Guaranteed Asset Protection G A P P R O G R A M
Coverage Summary (continued)
PROTECTION FOR THE TERM OF THE LOAN OR LEASE
Length of coverage on loans/leases is up to
seventy-two (72) months maximum term. Loan/lease
terms over seventy-two (72) months to eighty-four
(84) months carry a surcharge. Special
limitations are available for commercial,
recreational, and watercraft.
BENEFITS ARE PAID UP TO 50,000.00
The amount paid on any one claim shall not exceed
50,000.00 in total. The outstanding balance is
as of date of loss.
VEHICLES VALUED UP TO 100,000.00
Maximum vehicle value of 100,000.00, depending
on vehicle eligibility guidelines at financial
agreement inception.
PROGRAM HAS NO MSRP OR ACV RESTRICTIONS
No restrictions when lending or leasing
guidelines have been filed with and approved by
the Program Administrator.
10
Guaranteed Asset Protection G A P P R O G R A M
Coverage Summary (continued)
DEDUCTIBLES COVERED
Consumer deductibles up to 1,000.00 are
automatically reimbursed in the coverage/benefit
payment.
LIMITED EXLUSIONS
Limited exclusions apply only to taxicabs, rare,
exotic, unusual, limited production, one of a
kind, kit, customized, or vehicles over 10,000
GVW. Standard conversion vans are covered.
COMMERCIAL UTILIZATION
A commercial utilization surcharge is available
for motor vehicles only (autos, light trucks,
vans).
PROTECTION FOR PAST DUE PAYMENTS
Coverage is provided for payments that are less
than sixty (60) days past due at time of loss,
standard loan/lease. No coverage is provided for
late charges early termination penalties
refundable items such as credit insurance,
service contracts, etc., or deficiencies caused
by primary insurance deductibles greater than
1,000.00.
11
Guaranteed Asset Protection G A P P R O G R A M
Coverage Summary (continued)
PROTECTION IS FULLY INSURED
Credit seller is insured by and program costs are
paid to an A IV rated insurance company. There
are no reserves or stop loss coverages.
GAP PLUS PROGRAM OPTION
In addition to the basic program coverages
itemized above, if the consumer returns to the
financial institution (or automobile dealer
specified by the financial institution) to
finance a replacement vehicle, the consumer will
receive an allowance (or credit) of 1,000.00
applied as a down payment on the replacement
vehicle. This program does not have cash value
and must be applied to the purchase of a
replacement vehicle within sixty (60) days after
the consumer has received his or her primary
insurance settlement.
CANCELLATION PROVISIONS
Cancellation provisions include fully cancelable
within sixty (60) days and thereafter cancelable
based on a predetermined formula with a 40.00
cancellation fee.
12
Guaranteed Asset Protection G A P P R O G R A M
Coverage Summary (continued)
COVERAGE OPTIONS
Coverage is available for in-force loans. Sixty
(60) days repossession coverage is available
for the financial institution.
PROTECTION AVAILABLE AFTER LOAN/LEASE CLOSING DATE
The program can be purchased after the loan or
lease closing date. Financial GAP protection may
be elected up to sixty (60) days after the loan
or lease closing date. This allows for
utilization of marketing tools such as direct
mail, statement stuffers, etc.
SIMPLIFIED, SINGLE-RATE STRUCTURE
TRAINING PROGRAMS ARE AVAILABLE
13
Guaranteed Asset Protection G A P P R O G R A M
GAP Sales Guide
Pictures Tell The Story
14
Guaranteed Asset Protection G A P P R O G R A M
Debt Cancellation Contract
Fast and Easy Signup
Computer Programmable
1. Consumer Information
6. Surcharges (if applicable)
7. Dealership Signature
2. Dealer Information
8. Consumer Signature
3. Loan Information
9. Declination
4. Lender Information
5. Vehicle Information
White Copy - Administrator Yellow Copy -
Lendor/Lessor Pink Copy - Dealership Long Form -
Consumers Contract
15
Guaranteed Asset Protection G A P P R O G R A M
IMPORTANT CONTRACT TERMS
Reverse side of customer GAP contract form
Definitions
Contract Waiver Terms
Exclusions
Notice of Loss Instructions
16
Guaranteed Asset Protection G A P P R O G R A M
Debt Cancellation Contract Report
Simple Monthly Reports
Reporting Register
Dealer Name and Number
Reporting Period
Effective Date
Customer Name
Remittance Amount
GAP business should be reported And mailed to
the administrator.
17
Guaranteed Asset Protection G A P P R O G R A M
Always Remember
P
There is no sale of insurance to the consumer
associated with the GE GAP Program.
P
The GE GAP Program cannot be offered as a
condition of or a requirement to obtain credit!
You are not selling against the value of the
vehicle being purchased! Customers understand
depreciation and insurance company valuations in
the event of a loss.
P
P
There is always sufficient time in your
presentation to sell the GE GAP Program! It only
takes five minutes.
18
Guaranteed Asset Protection G A P P R O G R A M
GE GAP PROGRAM HIGHLIGHTS

• Surcharges
• Extended Tern (to 84 months) 50
• Commercial Utilization 50
• GAP Plus 25
• Dealer No Chargeback Program 25
• Dealer will not be charged back for the return
  o f the customer cost, up to a maximum of 500,
  after 90 days from the effective date of the
  contract

• Rates
• Agent Cost 75

• Coverage
• No MSRP Cap
• Protection for past due payments
• Benefits paid up to 50,000
• New and Used Vehicles
• Point of Sale Only
• 1,000 Deductible Coverage
• Vehicles valued up to 100,000
• 72 month loan/lease
• Cancelable

• Additional Options
• GAP Plus - 1000 down payment credit
  toward another vehicle if purchased at the
  original selling dealer
• Extended Term up to 84 months
• Commercial Utilization

19
Guaranteed Asset Protection G A P P R O G R A M

• GE GAP cannot be marketed in the following
  states
• Insurance
• Michigan
• Montana
• Nebraska
• Nevada
• New York
• Oregon
• Texas

• Agent Licensing Requirements
• Complete Agent Appointment Packet and forward to
  Jamie Brooks
• Current Copy of P C License
• Certificate of Good Standing, if required
• Completed Producer Information Questionnaire
• Signed Producer Agreement
• Appointment by Royal SunAlliance (Agent will be
  notified of appointment)

• Business Decision Not to Market
• Alabama
• Louisiana
• Mississippi
• Not Filed
• Wyoming