It is very common for community lenders to acknowledge the shortcomings of insurance tracking and force placing CPI coverage on borrowers.
Reviewing your lending institution’s collateral protection policies may not be at the top of your priority list.
A lender must determine the loan to value ratio and what they could sell the collateral for in order to mitigate their loss if the loan defaults
As new vehicle sales prices continue to rise, many lenders are feeling the pain in the way collateral protection premiums are calculated.
As lenders continue to grow, many times without adding staff, there has to be a higher level of efficiency for that formula to work.
Some vendors ask their customers to sign lengthy multi-year agreements and some also make it difficult to leave the agreement prior to the terms...