Monday, Jun. 08, 2020, 10:51 AM
With unemployment still at significantly high levels, Dealer Owned Warranty Co. (DOWC) recently introduced a vehicle-payment assistance program to add to its suite of F&I products.
The provider and administrator of F&I products explained PaymentShield can provide reimbursement for up to six months of vehicle payments for consumers who lose their job due to covered circumstances, including pandemics like COVID-19.
PaymentShield is available for new vehicles that are leased or purchased, as well as for installment contracts on used vehicles.
“The unemployment caused by the current pandemic is unprecedented, so we were inspired to develop a program to help dealers provide a level of financial assurance to their customers as they reopen their dealerships,” DOWC founder Michael LaMotta said in a news release. “DOWC products are designed to help drivers when they need it most.”
DOWC’s PaymentShield is a benefit of purchase offered by the selling dealer. When a vehicle is purchased from a participating dealership that offers the program, the consumer is automatically eligible for a predetermined maximum PaymentShield benefit based on the amount that is being financed.
Assuming a maximum PaymentShield benefit of $5,000, for example, a driver could receive a monthly reimbursement for their entire payment for up to six months for monthly vehicle payments up to $833.
To qualify for benefits, DOWC indicated proof of employment at the time of vehicle lease or purchase is required, as well as proof of job loss due to a covered circumstance. Consumers must also be current on their payments and provide proof of payment(s) to be eligible for reimbursement.
PaymentShield now is available to DOWC partner dealers and their customers.
The newest product arrived after the company rolled out two initiatives in May. Coming on the heels of introducing NitroShield, a complete tire and wheel protection product, DOWC launched new 360Shield protection solutions enhanced with new antimicrobial products.