IRVING, Texas — EFG Companies has entered into an exclusive licensing agreement with Walkaway Canada Inc. to bring the first auto debt cancellation program to the American market.

Walkaway Canada's program lets customers walk away from contractual obligations associated with auto financing when negative equity exists because of job loss, loss of driver's license, disability or critical illness, personal bankruptcy of the self-employed, international employment transfer or other extraordinary circumstances. It protects consumers regardless of age, health, employment record, vehicle amount financed or vehicle type.

The U.S. product, which will be offered as a debt cancellation waiver, will provide similar coverage options, subject to regulatory and underwriting conditions.

The program will be marketed through Walkaway USA, a newly formed division of EFG Companies. Keith Cooper was named president and general manager of Walkaway USA. He previously served as EFG Companies' vice president of sales/marketing and dealer support.

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