1c.- Before leaving the dealership

“We, as the finance company require that the vehicle be insured against physical damage loss until your contract is fully satisfied or loan is paid off in full.  Physical damage insurance includes coverage for damage caused by Collision and Comprehensive losses such as fire, theft, vandalism and hail.  If you have your own insurance, we will need to get a copy of the policy and it will need to meet our minimum requirements:

• Vehicle must be fully listed (YEAR / MAKE / MODEL / FULL VIN)

• The maximum deductibles must be $500*

• You, the purchaser needs to be listed on the policy as an insured driver*

• We, the finance company must be listed as lienholder or loss payee

 “If you as the purchaser, decide not to provide evidence of physical damage insurance today, you may still take the vehicle.  If we do not receive a copy of your insurance within 7 days, we will add the vehicle to our insurance policy (Collateral Protection Insurance) and we will add the cost of that insurance to your car payment.

Whether or not you provide your own physical damage insurance, you will need to have auto liability insurance to drive off our lot legally per the state requirement.  Our CPI policy does not include liability insurance.  You have to purchase it on your own.”