Job Loss Protection
- Credit Unions
- Finance Companies
- Auto Dealers
Protect the financial wellbeing of your consumers in the event that they become involuntarily unemployed. Job Loss Protection is a complimentary/blanketed benefit that will cover the consumer’s vehicle payment up to $500 per payment for up to six payments, with total coverage of $3,000.
During uncertain economic times, consumers may benefit from Job Loss Protection. A consumer is eligible in the event they become involuntarily unemployed after 90 days of receiving Job Loss Protection, and have held the employment for 12 consecutive weeks.
BENEFITS & FEATURES
- 12-month coverage period from the effective date
- Unemployment Date must be more than 90 days after the effective date. (i.e. If the Unemployment Date is between the 91st and 365th day of coverage period, borrower may qualify for up to 6 payments)
- Must be Involuntarily Unemployed for more than 30 consecutive days
- Covers up to 6 payments of the regularly scheduled account payment up to $500 per payment. Maximum Total Benefit $3,000
- $65.00 per vehicle financed or leased (Must be provided at no cost to borrower)
- Eligible for direct and indirect auto loans
- Program requires 20 enrollments/month and program duration of at least 6 months.