If you do not provide evidence of required insurance, we may insure our interest in the financed auto under our Concorde Auto Acceptance Placed Insurance (CPI) policy. The cost of this coverage to us will be charged to you, and if any part of the cost is financed by us, that amount will accrue interest at the rate stated in your loan agreement.
BENEFITS OF CPI:
• No Down payment
• Low Premiums
• $500 Deductible
• All Drivers Included
• No DMV Check
• No License Required
• Immediate Coverage
Bi-Weekly Payment: $70.00
Monthly Payment: $151.66
NOTE: This policy does NOT satisfy state financial responsibility laws. You MUST still purchase liability insurance from someone other than Auto City.
Other important terms and conditions of the CPI policy include the following:
- We are the Insured. Our CPI policy provides single interest coverage and does not directly protect your interest in the same way as your own insurance would. Claim payments made under our CPI policy will be made to us and will be credited to your loan obligation or used to repair the financed auto, at our discretion. In the event of a covered loss, our CPI policy will pay the lesser of (1) the cost to repair or replace the financed auto, (2) the actual cash value of the financed auto, or (3) the outstanding loan balance at the time of loss. Also, a deductible (as shown below) applies to each loss. The financed auto is described below.
- The premium that will be charged to your account may be more expensive than physical damage insurance purchased by you, and our CPI policy coverage may expire before your loan agreement is paid off.
- Licensed insurance agents may receive compensation from part of the premium charged to your loan agreement for our CPI policy coverage.
- If at any time you provide us with evidence of required insurance obtained by you, we will cancel our CPI coverage. The unearned portion of the premium, if any, will be credited to your loan obligation.
- The CPI policy does not provide bodily injury or property damage liability insurance. You must obtain this coverage on your own.
- If you do not provide evidence of physical damage insurance at before taking possession of the financed auto, CPI coverage will be placed (14) days after the date of your loan agreement and will be retroactive to the date of the loan agreement. However, if you provide evidence that you have obtained required insurance on your own at any time during the first fourteen (14) days of the loan agreement, you will not be charged.
- You have until the following date to bring in insurance or charges will start to apply. If you provide evidence of required insurance, and that insurance cancels or expires, we may place coverage under our CPI policy effective as of the date that your policy is no longer in force.
- This policy does not cover any items that you may add to your vehicle such as audio/video systems or custom wheels.
- This policy does not cover personal/business items left in the vehicle at the time of theft.
- All repairs for damage to the vehicle will be done solely by Auto City or by one of Auto City’s designated shops.
- All claims will be adjusted by Auto City.
- All claims have a $500.00 deductible that must be paid to pick up your vehicle once repairs have been completed.
- In the event of a total loss, this policy will pay NADA Trade In plus NADA Retail divided by 2 - plus or minus mileage additions/deductions.
- This policy may be terminated at any time by showing proof of physical damage insurance from another carrier following the conditions set forth in Insurance Guidelines of this handbook.
- In the event of this policy being terminated you will still be responsible for any insurance premiums due while the CPI policy was in force.
- This policy DOES NOT COVER ANY EQUITY THE PURCHASER MAY HAVE IN THE VEHICLE AND WILL NOT PAY MORE THAN THE PAYOFF BALANCE OF THE LOAN.
- This coverage DOES NOT include LIABILITY INSURANCE COVERAGE.
Our CPI policy is designed to satisfy the insurance requirement of the loan agreement and protect our interest in the vehicle securing the agreement. You may purchase your own physical damage insurance from an agent or company of your choice at any time and this coverage will be immediately cancelled.