Generate Fee Income

TotalRestart

TotalRestart is a depreciation benefit offered to your members either bundled with GAP or on a standalone basis. The benefit protects your member’s with up to $10,000 of lost equity in their vehicle when it is totaled, but only if they finance their replacement vehicle with your credit union. This credit union paid membership loyalty program, protects your members’ large down payments while increasing sales, fee income, and member loyalty.

Protects member from rapid depreciation
Bundled with GAP, improves GAP penetration resulting in stronger fee income
As an alternative to GAP, protects large member down payment
Affordably priced, fully automated, and easy for lenders to present

Debt Cancellation

A mainstream product, Debt Cancellation offers unique benefits not available in most traditional credit insurance plans. Chief among these is protection which will pay a borrower’s monthly payment in the event of Involuntary Unemployment.

Life and disability are also included. Loan officers appreciate the opportunity to present a new and exciting benefit, which they find appeals to many borrowers. Our trusted Insurance Partners, are all rated “A” or better. Four basic programs: life; life & disability; life, disability & involuntary unemployment; and life & involuntary unemployment.

A debt waiver product, free from insurance licensing requirements
Integrated “Conmar Systems” forms
Customized “Lifestyle Analysis” training to leverage conversation techniques
Simplified sales tracking and reporting to promote coaching and lender accountability

GAP / GAP Plus - Guaranteed Auto Protection

Cherry Creek partners with FROST Financial Services, serving over 1,050 financials nationwide to provide GAP protection. As an industry leader, FROST is first to market on these competitive advantages:

Free JD Powers (NADA)
Prior debt coverage
150% of book value vs. 125%
Same pricing for vehicles, boats, ATVs, snowmobiles, motorcycles
Real time Chat Line support to build lender confidence
Integration with multiple loan systems and warranty providers
Menu-based selling tool with member mobile access

Daily sales reporting and monthly contests to incent lenders.

Auto Deductible Reimbursement

Looking for a way to build value and loyalty with your borrowers? The Auto Deductible Reimbursement Program reimburses your member’s deductible up to $500 in the event of a car accident.

This product covers the vehicle your member uses as collateral for their loan as well as all vehicles they own and insure! Auto Deductible Reimbursement is a great way to add member value, and improve the sale of GAP and Vehicle Service Contracts.

Provide added incentive to the purchase of GAP and Vehicle Service Contracts
Increase credit union GAP sales and fee income by an average of 25%
Benefit paid directly to your member, not applied to the loan balance

Vehicle Service Contracts

How do most borrowers pay for unexpected vehicle repairs? You guessed it, with their credit card. Vehicle Service Contracts help members budget for repairs without the pain, uncertainty, and burden that emergency repairs bring.

Cherry Creek partners with two industry leaders that provide best-in-class vehicle service contracts for credit union members. One of our providers even offers profit sharing opportunities.

Bumper to bumper protection offered on high mileage vehicles
Lender call center assistance for getting quotes and answering questions
Fully integrated with online GAP quoting site
Coverage for Power Sports

Mortgage Life & Disability

Much like credit life insurance, the Mortgage life benefit retires the loan balance in the event of death, while the disability protection provides loan payments in the event of covered income disruption.

If the loan is sold into the secondary market, your credit union will continue to earn valuable fee income since premium payments are debited from the borrower’s checking or savings account. This preserves both your relationship and your revenue stream. Leverage your mortgage loan production and gain a valuable fee income stream for years to come!

Protect one of your member’s most important assets
Capture portable fee income for your credit union
Stabilize member’s lifestyle and provide peace of mind with income protection

Accidental Death & Dismemberment

Accidental Death and Dismemberment (AD&D) provides benefits to your account holders or their beneficiaries for a number of accidental events including loss of life, sight, or limb without many of the common age or health related restrictions.

Cherry Creek Financial offers several choices of vendors to gain the best independent AD&D quotes available. With the growing dependence upon fee income as a revenue stream, it makes sense to get a second opinion. Eligible participants may also cover their spouse and unmarried children under age 19 (25 if full-time student).

Integrated marketing campaign
Personalized Insurance Website
Online enrollment