Any lender who serves military customers is familiar with the unique financial challenges and advantages that such customers face as they serve our country. As a young Army infantry platoon leader in Hawaii I witnessed firsthand many of these scenarios:
- Young Soldiers purchasing their first automobile
- Soldiers with large families upgrading to a more practical vehicle
- Spouses and Soldiers gaining flexibility and independence by purchasing a second vehicle
- Soldiers facing the uncertainty of where a Permanent Change of Station (PCS) may take them and their loved ones
- Soldiers and their families temporarily separated by a PCS move
My platoon sergeant and I always sought to give our Soldiers the best advice and guidance when they experienced one of the above events. The performance and cohesion of our unit was dependent upon the financial stability and peace of mind of the Soldiers in our team. Beyond that, we felt it was our duty to take care of those who volunteered to serve.
With those thoughts in mind, I am very excited about Golden Eagle’s offering of Insurian’s Vehicle Return Plan (VRP). This product offers coverages that any lender would be proud to provide to their borrowers, but it has particular benefit for lenders that serve members of the US Armed Forces.
VRP covers eight qualifying life events:
- Involuntary unemployment
- International employment transfer
- Self-employed personal bankruptcy
- Loss of driver’s license due to illness or injury
- Physical and mental disability
- Accidental death
- Permanent change of station (military)
- Critical illness (including death due to critical illness)
Of particular interest to lenders who serve Soldiers, Sailors, Airmen, and Marines is the permanent change of station coverage. Should a service member receive orders to a post they did not expect, or should a PCS cause extra financial difficulty that they are not prepared to handle, VRP will allow them to return their vehicle and free themselves from payments without damage to their credit.
Imagine having the ability to offer your military borrowers this extra peace of mind when they are looking for a loan to finance the purchase of a vehicle. Service members and their families deal with tremendous uncertainty, and a lender that can eliminate one source of that uncertainty would be a distinct advantage to a military family.
The benefits of VRP extend to the lender as well. In addition to being able to offer all of your borrowers extra protection, VRP generates revenue, reduces chargebacks, and provides a unique marketing advantage.
Members of our Armed Forces have a unique calling and face unique challenges. I am proud to have had the opportunity to serve alongside many of these brave men and women and to share in their successes and struggles. Now that I have moved on from my military career, I look for opportunities to provide benefit to the community to which I once belonged. I believe that this vehicle return plan is an excellent example of doing just that. I know that had such a product been available years ago, my platoon sergeant and I would have recommended to our Soldiers that they take advantage of it.