Surrender Guaranteed provides protection against unexpected reductions in your income.
Surrender Guaranteed enables the customer to return their vehicle back to their original selling dealer in the event of their involuntary unemployment, by providing them with the benefit for the shortfall, between the outstanding loan balance on their loan contract and the assessed value of their vehicle.
The Selling Dealer will determine the assessed value of the customer’s vehicle which will be established at 10% below the trade in value of an applicable nationally recognised used guide valuation, no later than 30 days of the voluntary return of the vehicle.
Vehicles qualifying for the program include four-wheel- private passenger automobiles, vans, and or light trucks, as described in the original invoice provided by the selling dealer confirming the vehicle’s sale; providing they are utilized for personal purposes only, and are covered by a security agreement for up to 120% of the manufacturer’s suggested retail price (MSRP) for new vehicles or 120% of the NADA retail value for used vehicles.
The customer must ensure:
they have made 2 monthly loan payments after the commencement date of their cover;
have not been in arrears in their finance agreement prior to their date of loss - which shall mean the latter of the date of their involuntary unemployment or voluntary return of their vehicle;
and fully observe the obligations they have under their finance leasing agreement.
Cover Period - the earlier of the termination of the loan contract or the expiration of 42 months from the commencement date.
Maximum Benefit - USD 20,000
Voluntary Returns must be made back to the Selling Dealer.
Surrender Guaranteed provides a powerful unique selling proposition. In the event of a Vehicle Return the program positions the Dealer in an optimum position to purchase the Vehicle at a 10% discount to its current value.