IRVING, Texas — WALKAWAY USA LLC has unveiled a one-of-a-kind vehicle return program geared toward the credit union marketplace. The new program is called called WALKAWAY Protection for Automotive Financing.
WALKAWAY Protection for Automotive Financing provides credit union members with protection against negative equity, allowing them to walk away from their vehicle loan or lease in the event of life-changing circumstances, such as involuntary unemployment, loss of driver's license due to medical impairment, international employment transfer, self-employed personal bankruptcy and total loss protection.
WALKAWAY offers a complimentary 12-Month Vehicle Return Program on every financed or leased vehicle up to $100,000 at no cost to the member regardless of age, health or employment status. Members also have the option to extend the complimentary program to full-term coverage, up to 84 months, with extended coverage levels such as GAP (Guaranteed Asset Protection). WALKAWAY is the only program available today that allows members to “walk away” from his or her payment obligation in the event of life-changing circumstances.
“We are pleased to offer this new program to credit unions”, says Jeff Beaver, President of WALKAWAY USA, LLC. “WALKAWAY is one of the most innovative products to hit the auto-finance marketplace. It provides lenders with a true point of differentiation and also opens up new opportunities to increase loan volume, generate non-interest income and drive consumer loyalty and retention.”
Beaver also states, “Under normal circumstances, these events often lead to long-term payment delinquencies; and or vehicle repossessions. Consumers with WALKAWAY Protection, however, avoid these outcomes by returning their vehicle while preserving their credit rating in the process.”
Since its introduction in Canada in 2000, WALKAWAY has made it possible for consumers to walk away from over $23 million in automotive-related debt and has provided WALKAWAY retailers with a competitive sales advantage.