JACKSONVILLE, Fla. — Family First Dealer Services LLC and BBVA Compass Bank announced the addition of Trade-In Protection (TIP) to its approved list of optional products for sale through its’ Motor Vehicle Retail Installment Dealers.
TIP is an optional product which provides a benefit of up to $5,000 toward a customers’ potential negative equity. The benefit kicks in when the customer returns to the original selling dealer to trade-in and purchase another vehicle if they owe more than what their vehicle is worth, according to Family First.
“TIP is a home run for our dealers,” said Matt Morse of BBVA Compass Bank. “As we are expanding our indirect lending footprint, we were looking for something to offer our dealers that shows we are interested in both their profitability today and their long-term success. TIP helps get that job done.”
TIP combines the retention benefit of a lease but is applied toward a finance contract as the benefit is redeemable only at the original selling dealership during the trade-in process, according to Family First. The program is offered on new and used vehicles as an optional F&I program, a blanket program and a combination with benefit levels from $1,000 to $5,000.
“Partnering with BBVA Compass is extremely exciting,” said Tony Wanderon, CEO of Family First Dealer Services. “The ability for the dealers who do business with BBVA Compass to add Trade-In Protection to their loans shows the commitment that they have to them and their customers. We look forward to working with the dealers in the Compass market and to a long-term partnership.”