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Jim Perry

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Common Objections to VSI (Part Two)

Submitted by Jim Perry on November 16, 2021

Many lenders I have connected with in the past three years have heard of blanket insurance coverages for their collateralized loan portfolios. However, CPI has become the industry standard for tracking and force placing insurance on auto loans, and that has come to the detriment to lenders, members, and borrowers. This article is the second in a series of two that discusses some of the most common objections to VSI that I hear from financial institutions.

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Common Objections to VSI (Part One)

Submitted by Jim Perry on October 29, 2021

As I have met with lenders over the past three years, many have heard of blanket insurance coverages. Oftentimes, blanket insurance comes with an understanding that a blanket policy carries more “risk” than a CPI policy.  CPI has become the industry standard for tracking and force placing insurance on auto loans, and that has come at the detriment to lenders, members, and borrowers. Almost daily, I hear lenders say, “there has to be another way,” but when we talk about blanket insurance, there is a negative aura around it, and it often comes with the same initial objections. 

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2020 Open Doors to Greater Efficiency for your Bank or Credit Union

Submitted by Jim Perry on January 15, 2021

When 2020 started, we were not aware that phrases like “new normal” and “unprecedented” would become the vernacular of business professionals across America. After a short while, it got to the point where those phrases would be muttered with a semblance of sarcasm at the start of each virtual meeting or phone call. Towards the end of the year, I could feel a sense of hope that 2021 would be a new year, where things would end up going back to the “old normal” in some capacity.

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How Lenders can Improve Efficiencies in Times of Doubt

Submitted by Jim Perry on July 15, 2020

In late 2019, community lenders had no idea what kind of challenges they would face during the upcoming year. While many lenders set their budgets for upcoming years in the fourth quarter, it was impossible to predict the current environment that we would be in today. As the novel coronavirus swept through the news and the United States, financial institutions took (and continue to take) a vital role in maintaining the wellbeing of Americans.

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Top Legal and Compliance Benefits of Blanket Insurance

Submitted by Jim Perry on February 28, 2020

Nearly every lender has been written up during an examination of their collateral protection. This leads lenders to hire a third-party vendor to track and force place their insurance in order to reduce their workload, as well as their compliance risks. While using a third-party vendor can be considered a transfer of risk, lenders often are frustrated with the amount of work that their staff still has.

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Auto Warranty Products Keep Borrowers Whole while Protecting Assets

Submitted by Jim Perry on November 15, 2019

In today’s hyper-competitive auto loan market, lenders face the challenge of which products to provide to their borrowers in order to stand out; one of those products is an auto warranty. As automobile prices increase, so do the cost of repairs. With high automobile prices and high repair costs, even one major repair can cost more than the price of a borrower’s extended warranty.

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