In speaking with many of our consumer lending customers about current market conditions, we understand a growing number of cars loans are in default.   We can help.

We are now offering a product called WalkAway. WalkAway is the first and only Vehicle Return Program being offered in the credit union market. Unlike Gap, Walk-Away allows a member to walk away from their car and negative equity in the event they lose their job, file for self employed personal bankruptcy, have an international job transfer (including military change of station), or lose their drivers license due to a medical impairment.  Most GAP insurance products only provide coverage when the vehicle is stolen or totaled in a car accident.  Walk-Away provides up to ten thousand dollars of benefit to you and your members.  

Here's how it works.  For a one-time payment, paid by your credit union on all newly originated auto loans, a member can have the ability to walk away from their vehicle, within the first year, without endangering their credit score up to a maximum benefit of $5,000. The market for car loans has never been more competitive than it is in this slowing economy. By giving the member piece of mind, you will be able to increase your close ratio of loan applications by differentiating yourself from your competitors.

Through a national alliance with Carmax and selected other return facilities, your members will easily be able to free themselves from the burden of car payments "when bad things happen to good people." As a revenue generating model, the program allows the credit union to up-sell additional coverage for the remaining term and automatically increase the maximum benefit to $10,000.  As credit unions are concentrating more on non-interest income, this provides a very valuable tool to provide a member benefit while adding to the non-interest income.  

In addition to providing loss mitigation benefits to you and financial peace of mind to your members, one of the main advantages of Walk-Away is the word of mouth it could generate to provide you with a leg up on the competition and help you attract more business. 

Find out how Walk-Away can help you and your members!