Debt Cancellation Contract (DCC)
As a lienholder, your retail installment sales contract requires the customer to maintain Comprehensive & Collision coverage for the duration of the loan. A Debt Cancellation Contract is an alternative to that requirement that you can offer to your customer for purchase at the time of sale. With a DCC in hand, when a customer suffers a total loss the lienholder cancels their loan balance in full. DCC can not be sold in conjunction with traditional Comprehensive & Collision or Full Coverage insurance. If a customer decides to purchase DCC, they still need to obtain separate liability coverage to satisfy state requirements. DCC is a reinsured product and historically has yielded a considerable underwriting profit. Reach out to one of our product specialists today to see if a Debt Cancellation program is available in your state.
why Buckeye Dealership Consulting
Founded in 2008, Buckeye Dealership Consulting has proudly served hundreds of dealers and reinsurance companies in the automotive space, including Buy Here Pay Here (BHPH), retail, and independent finance companies all across the country.
We’re built on knowledge and experience in the F&I reinsurance market for franchise dealers, and have focused on independent dealers and tailored our program to fit the business model. Through these programs, we are helping dealers control their risk, improve cash flow, and increase the bottom line.
If you are a retail dealer, you know the back-end profit has become more important than ever. For BHPH dealers, in your business, cash is king. We have optimized our reinsurance structure to maintain access to your capital and maximize cash flow.
If you have any questions, you can contact us at Buckeye Dealership Consulting.
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By Chris Kirwin CEO Berkshire Risk Services I...