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Golden Eagle Insurance, Inc

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As car values struggle, VSI and Gap in demand 

Submitted by Golden Eagle Insurance, Inc on February 21, 2018

VSI and Gap, or Guaranteed Asset Protection, products are in demand as used car values continue to struggle.

The article, Worthless Auto Trade-Ins Signal Riskier Loansby Bloomberg news, reiterates what we all have seen the last few years:  vehicle depreciation is taking a heavy toll. Lender risk is on the rise as longer terms, and lower trade-in values weigh down the LTV in the beginning stages of a loan. These factors causing massive depreciation of a newer financed vehicle deteriorates any chances of being in a good position on LTV during the mid-stages of a loan.

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The Power of GAP: Claim Spotlight

Submitted by Golden Eagle Insurance, Inc on February 05, 2018

The Power of GAP: Claim Spotlight

GAP Waiver provides supplemental protection to a borrower’s primary insurance and is designed to help borrowers avoid financial loss in the event of total loss or unrecovered theft. The difference between the loan/lease net payoff amount and the actual cash value (ACV) paid by the primary insurance settlement produces a deficiency balance or “gap.” This remaining loan/lease balance is covered (or waived) with GAP protection. Golden Eagle Insurance provides GAP coverage through only through lenders.

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How Does Your Collateral Protection Provider Handle Claims?

Submitted by Golden Eagle Insurance, Inc on January 29, 2018

This is an extremely important question to ask. Since you pay premiums to protect your risks, you should be able to count on the protection in the form of fair and timely claim payments when you have a valid claim. What good is the relationship and protection if it doesn’t really protect you and pay when you need it? For products like Blanket MortgageBlanket VSI (single interest insurance)Collateral Protection (CPI)Blanket EquipmentMortgage ImpairmentLender-placed Hazard and FloodGap Waiver and many more, a significant amount of money could be at stake.

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Season's Greetings from Golden Eagle Insurance

Submitted by Golden Eagle Insurance, Inc on December 22, 2017

 

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The High Cost of Tracking Insurance

Submitted by Golden Eagle Insurance, Inc on December 20, 2017

Financial institutions have always wrestled with one main issue when it comes to tracking insurance on their loan collateral: staying properly protected at an affordable price. Since uninsured losses are rare, especially large losses, lenders try to spend as few dollars as possible on staff tasked with keeping track of insurance. However, the risk of a large uninsured loss and the regulations dictating that loans be properly tracked, lead to costs that are much higher than desired, as well as negative customer interactions, all of which could be avoided. 

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5 Reasons Your Customers Need GAP More Than Ever

Submitted by Golden Eagle Insurance, Inc on December 15, 2017

GAP coverage, also known as, Guaranteed Asset Protection or Guaranteed Auto Protection, has been a popular loan protection product since the early 1990’s. However, there has never been another time when it’s benefit to consumers and lender has been as essential as it is today.  While obtaining GAP is an elective insurance--or waiver of residual loan balance in most states—there are many reasons why loan officers can and should make a persuasive purchasing argument to the buyer in today’s lending environment.

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