Lender Placed Collateral Protection - Vehicle and Related Loans

This collateral protection insurance (CPI) program protects lenders against uninsured collateral losses. Coverages are similar to the vendor single interest program, but this program also provides the borrower some loss recovery benefits without the necessity of repossession.

Typically, all loans in a given portfolio are tracked for primary insurance. Loans or leases identified as not having insurance, having inadequate insurance, or having insurance but with an incorrect loss payee, are sent reminders or insurance deficiency notices. If the borrower fails to respond after a series of such notices, an individual certificate is issued, with the premium added to the underlying loan balance.

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