INSURANCE REQUIREMENTS

Auto City's Retail Installment contract requires continuous comprehensive insurance. Here are the TWO (2) OPTIONS to satisfy this requirement:

   A. CUSTOMER-PROVIDED INSURANCE.   

You may obtain full coverage insurance from any licensed insurance agent and/or authorized insurance company of your choice, provided the policy meets the following minimum requirements:

• A maximum deductible of $500
• Names CONCORDE AUTO ACCEPTANCE as loss payee, 908 S. Buckner Blvd, Dallas, TX 75217
• Policy must be a "STANDARD POLICY," with no excluded drivers
• Both Buyer and Co-buyer must be listed as drivers
• This insurance must be in force during the entire term of your loan agreement

If at any time you fail to provide evidence of an active policy meeting these requirements, we may insure our interest in the financed auto under our Collateral Protection Insurance (CPI) policy. The cost of this coverage will be charged to your account.

You will be responsible for reimbursing the dealer for the cost of the CPI policy. If you obtain your own insurance after CPI coverage has been added to protect your vehicle, the CPI coverage will be cancelled as of the effective date of your new insurance policy. 

If your vehicle is ineligible for CPI coverage, and you fail to maintain comprehensive and collision insurance acceptable to the dealer, your retail installment contract will be considered in default of its terms and conditions. Ask your salesperson if the vehicle you’re purchasing qualifies for our CPI program.

   B. DEALER PROVIDED INSURANCE (CPI)   

Dealer Provided Collateral Protection Insurance (C.P.I.)

Note: Dealer provided CPI does NOT satisfy state financial responsibility laws. You MUST still purchase liability insurance from someone other than Auto City.)

If you do not provide evidence of required insurance, within 14 days of purchase, or at any time during the term of your contract, we may insure our interest in the financed auto under our Collateral Protection Insurance (CPI) policy. The cost of this coverage will be charged to your account payable with each car payment. 

Most vehicles will qualify for the dealer provided Collateral Protection Insurance (CPI). Check with your sales person to determine if your vehicle is eligible for this low cost alternative to Customer Provided Full Coverage Insurance (See Option A above). 

BENEFITS OF CPI: (DOES NOT INCLUDE LIABILITY INSURANCE)

• No Down payment 
• Low Premiums
• Low Deductible
• All Drivers Included
• No DMV Check
• No License Required
• Immediate Coverage

CPI PREMIUMS:

Premiums for eligible vehicles are based on the amount financed, and are subject to change with a 30-day notice.  

If the amount financed is $22,999 or less, premiums are as follows:

• Bi-Weekly Premium Payment:           $70.00
• Semi-monthly Premium Payment:     $75.83
• Monthly Premium Payment:              $151.66
• Deductible Per Claim:                       $500.00 (Amount you pay out of pocket)

If the amount financed is between $23,000 and $29,999, premiums are as follows:

• Bi-Weekly Premium Payment:           $110.00
• Semi-monthly Premium Payment:     $119.17
• Monthly Premium Payment:              $238.33
• Deductible Per Claim:                       $500.00 (Amount you pay out of pocket)

If the amount financed is $30,000 or greater, the vehicle may not be eligible for dealer provided CPI. (See OPTION A - Customer Provided Full Coverage Insurance)

Other factors may also affect a vehicle's eligibility for dealer provded CPI, please check with your salesperson.

NOTE: Dealer provided CPI coverage does NOT satisfy state financial responsibility laws. You MUST still purchase liability insurance from someone other than Auto City.

TERMS & CONDITIONS REGARDING CPI 

1. 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.

2. 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.

3. Licensed insurance agents may receive compensation from part of the premium charged to your loan agreement for our CPI policy coverage.

4. 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.

5. The CPI policy does not provide bodily injury or property damage liability insurance. You must obtain this coverage on your own.

6. If you do not provide evidence of physical damage insurance 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 the required insurance on your own at any time during the first fourteen (14) days of the loan agreement, you will not be charged.