JACKSONVILLE - Family First Dealer Services LLC and BBVA Compass Bank announced the addition of Trade-In Protection to its approved list of optional products for sale through its’ Motor Vehicle Retail Installment Dealers.
Trade-In Protection is an optional product which provides a benefit of up to $5,000* towards a customers’ potential negative equity, when they return to the original selling dealer to trade-in and purchase another vehicle if they owe more than what their vehicle is worth.
“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 show 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 applied towards a finance contract - as the benefit is redeemable only at the original selling dealership during the trade-in process.
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 - $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.”
*$5,000 max benefit on new vehicles / $3,500 max benefit on used vehicles **Program and coverage may vary by dealer/state/lender. Please refer to the TIP Agreement for additional terms, conditions, limitations and exclusions.
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