Mechanical Breakdown Protection That Adds Value Beyond the Loan
- Credit Unions
- Auto Dealers
- Banks
- Finance Companies
- Mortgage Servicers
- Community
Generate fee income while helping borrowers manage costly vehicle repairs and protect vehicle value.
Protect Vehicle Value While Creating a New Revenue Opportunity
Unexpected mechanical or electrical repairs can create significant costs for borrowers and put the condition and value of financed vehicles at risk. Mechanical Breakdown Protection from Allied Solutions gives financial institutions a way to provide expanded vehicle coverage while generating fee income and strengthening the value of the lending relationship.
Allied's MBP programs help borrowers manage eligible repair costs and include added benefits such as roadside assistance, rental reimbursement, and transferable coverage. To support program performance, Allied pairs the product with dedicated sales support and iQQ, a web-based platform that streamlines quoting, tracking, reporting, and processing for MBP and other point-of-sale products.
This combination helps institutions deliver useful protection to borrowers, support vehicle value, and manage sales through a more connected process.
Who Needs Mechanical Breakdown Protection?
Mechanical Breakdown Protection may be a fit for financial institutions that finance vehicles and want to provide additional borrower value while expanding non-interest income. It is particularly relevant for institutions that are:
- Looking for a point-of-sale product that complements vehicle lending
- Seeking to help borrowers prepare for costly mechanical or electrical repairs
- Working to protect the condition and value of financed vehicle assets
- Trying to simplify product quoting, sales tracking, reporting, and processing
- Focused on improving borrower satisfaction and building stronger lending relationships
Why Allied for Mechanical Breakdown Protection?
Revenue and Borrower Value in One Offering
MBP gives financial institutions an opportunity to generate fee income while helping borrowers manage eligible vehicle repair costs and maintain their vehicles.
Protection Beyond Major Repairs
Programs can include roadside assistance, rental reimbursement, and transferable coverage, extending the value of the product beyond mechanical and electrical repair protection.
Streamlined Sales Technology
Allied's iQQ web platform supports quoting, tracking, reporting, and sales processing for MBP and other point-of-sale products through a centralized workflow.
Dedicated Sales Support
Allied provides dedicated sales support and complementary services to help institutions strengthen consumer relationships and build program participation.
A Broader Point-of-Sale Strategy
Because iQQ also supports GAP and other point-of-sale products, institutions can manage MBP as part of a more connected vehicle lending product strategy.
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Learn More[Template] Frequently Asked Questions
Credit life and disability insurance is a loan protection solution that helps reduce or pay off a borrower's remaining loan balance or payments if they are unable to continue working due to death, disability, illness, or injury. Financial institutions can offer this coverage during the loan application or loan closing process to help protect both borrowers and loan portfolios.
Credit life and disability insurance works by reducing or absolving a borrower's remaining loan amount or payment if a covered death, disability, illness, or injury prevents them from meeting their loan obligations. The coverage is typically offered during the loan application or closing process through a quick and convenient application.
Credit life and disability insurance helps financial institutions reduce the risk of loan default when borrowers experience a covered death or disability. The solution also includes web-based software that streamlines sales quoting for credit insurance solutions, helping support a more efficient process for offering coverage during lending.
Credit life and disability insurance rates are regulated at the state level. Because each state establishes its own requirements for predictable rates, financial institutions should offer coverage in accordance with applicable state regulations while following their established lending and insurance processes.