Collateral protection — CPI

American Modern can relieve the headaches of uninsured physical damage losses. We offer two programs for auto loans and other collateralized installment loans – CPI and LSI.

With lender-placed collateral protection insurance, or CPI, individual loans or leases are tracked to verify in-place insurance coverage, adequate coverage, and correct loss payee information. Force-placed coverage is activated and billed to non-compliant borrowers.

 

Scope of coverage

  • Physical damage coverage
  • Wide range of collateral types tracked and protected
  • Differentiated borrower classes and risk exposures
  • Borrower coverages: dual interest, all risk, actual cash value settlement

 

Benefits

  • Insurance verification calls result in fewer customer service issues
  • Increased accuracy and reduced risk with electronic data interchange (EDI)
  • High limits protect varied lending targets
  • Annual certificates issued, with optional terms
  • Automatic coverage insures complete risk management

 

Options

  • Repossessed collateral
  • Instrument non-filing Errors & Omissions
  • Confiscation, conversion and secretion
  • Repossession expense reimbursement
  • Mechanic’s lien
  • Repossession storage expense
  • Deficit unpaid balance protection