MINNEAPOLIS — van Wagenen Financial Services rolled out two
new insurance products aimed at boosting its offerings to both dealers and
lenders.

Aimed at riding the rapid growth trajectory with the subprime
lending market, van Wagenen released a point of sale insurance product for lenders
and buy-here, pay-here dealers. The company believes the offering can helps
dealers and lenders get more customers into vehicles by helping overcome
insurance hurdles.

The van Wagenen Point of Sale Insurance product can provide
immediate physical damage protection for both the lender and the borrower from
an A+ rated carrier. The product is meant to accelerate the underwriting
process and provide ongoing insurance tracking and follow-up for the entire
portfolio.

Randall Rempp, van Wagenen's general manager, insisted the
subprime auto lending market has been gaining momentum. With growth on their
minds, Rempp noted that more lenders are venturing deeper into this realm.

Rempp acknowledged that along with this push comes more
challenges getting buyers through the insurance verification process. He
stressed the company believes that availability of point of sale insurance
products can help overcome a major hurdle in getting buyers through the
purchasing process, into a vehicle and on the road to building or repairing
their credit.

"Auto market expansion including subprime lenders and BHPH
dealers is a key focus area for van Wagenen growth," Rempp said.

"The addition of our point of sale offering is a critical
element of our expansion in this space," he continued. "Clients have been
asking for it and we are more than pleased to be able to fulfill that need."

Along with the point of sale product, van Wagenen Financial
Services also expanded its offerings targeted to the auto lending space with a
product addition that came out this week – guaranteed automobile protection or
GAP.

The company explained guaranteed auto protection (GAP) can provide
borrowers with additional financial security in the event of a total loss by
addressing possible differences in the insurance settlement and outstanding
loan value.

The van Wagenen GAP program is available for auto loans and
leases up to 84 months and covers up to 150 percent of MSRP/NADA value.

The product is provided to lenders and dealers looking to
build revenue and protect borrowers.

As an added value, lenders can private label the GAP program
sourced through van Wagenen.

Kendra Conser, van Wagenen's assistant vice president of
RecoveryPro & Claims, works with a wide range of GAP carriers on a daily
basis.

Discussing the GAP product offered by van Wagenen, Conser
said, "Our carrier is one of the most customer focused GAP carriers we work
with. They are easy to reach, fair in their assessments and use straight
forward calculations. They are extremely accurate which reduces the number of
supplemental claims required and payments are turned around quickly."

Jeff Anderson, van Wagenen's vice president of sales for auto
finance, added, "The continued expansion of our auto product offering equates
to convenience for our clients.

"Managing multiple vendors becomes cumbersome, bringing
together related services like tracking, CPI, GAP and warranties creates
efficiency and helps them leverage volume at the same time," Anderson went on
to say.

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