Franchised dealerships routinely offer their customers voluntary products to protect their investment in the vehicles they purchase or lease.
When offered, sold and administered in a professional and consumer-friendly manner, these voluntary protection products (VPPs) can offer customers valuable protection against unexpected and potentially costly events such as floods, hail damage, theft, vandalism, vehicle accidents, mechanical breakdowns or the customer's death, disability or unemployment..
Conversely, a dealership's VPP process that lacks these features can fail to provide this valuable protection, confuse and create a false sense of security for customers, result in litigation and/or administrative enforcement actions against the dealership, and undermine
the goodwill of the dealership in the community.
Consequently, it is essential that dealerships strive to develop a professional and consumer-friendly VPP process. This guide provides an optional policy template that is intended
to assist dealerships in this endeavor.
In addition, if you are interested in an editable version of a sample VPP policy, which you can tailor to your dealership's specific needs, you can download the Word document version here (Note: disclaimer approval required).
Tags: VPP, Voluntary Protection Products Policy, voluntary protection products, service contract, GAP, Fair Credit, ECOA, advertising, VPP policy, protection, L60