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Customer FAQs

What is EquityPro?

EquityPro is a unique product offering that bundles effective loan management solutions with valuable identity theft coverage. It is committed to ensuring our customers efficiently accelerate their loan terms and protect consumer identity and credit by changing the way they make payments. 

EquityPro enhances dealership profitability by delivering protection, value, and convenience to customers. We manage the customer’s auto loan payments so you can focus on selling more vehicles and F&I products.

Customers who enroll in EquityPro get the following benefits:

  • Avoid Missed Payments: with our automated payment processing, you reduce the risk of customers missing a payment, avoiding late fees, and protecting their credit score
  • Job Loss Protection: covers up to $7,500 of car loan payments in the event your customer loses their job
  • Loan Payoff Acceleration: structured payment system that helps customers pay their loan off faster
  • Identity Theft Protection: complementary dark web monitoring, identity theft remediation, and fraud expense reimbursement for added security
  • Additional Protection: valuable protection rolled seamlessly into loan payments

 

There is no upfront cost for EquityPro! Customers can choose to schedule their first loan payment to PSP on the first or 14th day of their loan term. Each collection from customers’ bank accounts will include a convenience fee for the automatic collection.

We require customers to upload their lender account info to their user profile before their first scheduled payment is due, to ensure timely payments on their loan. Untimely uploads of lender information may result in penalties or overdue payment on customer auto loans. EquityPro customer support will also contact the customer for this information.

  • Sign in to customer profile and click the “Profile” tab
  • Click “Add Payment Account”
  • Select “Loan Account” and fill out the required information
  • Confirm the information is entered correctly

Instead of making monthly payments, EquityPro collects half the monthly car payment every two weeks or a quarter of the monthly payment every week. This will result in a full extra monthly payment applied towards the customer loan balance every year. This helps customers pay their loans of faster.

The exact amount of time this program can save off customers’ loans will depend on varying factors such as loan duration, interest rate, loan balance, and payment schedule. This number also varies depending on the amount of additional products taken at checkout. Due to the bi-weekly and weekly payoff schedule, customers will make a full extra payment every year, which means many borrowers can pay off their loans several months earlier.

PaymentShield+ protects up to $7,500 of auto loan payments in the case of job loss throughout the full term of the auto loan. Simply fill out the claim form attached to the agreement on the customer profile to file a claim. Our customers have PaymentShield protection throughout the full duration of their auto loan, so long as they have not exhausted the limit.

Our complementary identity and theft protection provides dark web monitoring and alerting, identity theft remediation, and identity fraud expense reimbursement. The coverage period is throughout the duration of the auto loan.

  • Dark Web Monitoring: Alerts customers if their personal information is found on the dark web
  • Identity Theft Remediation: Assistance in restoring identity in the case of fraud
  • Fraud Expense Reimbursement: Covers the costs related to recovering from identity theft

Customers can cancel their participation in the program at any time, a $25 fee will be applied to close their virtual account. If they cancel within the first 60 days, the $25 cancellation fee will not be applied. If a customer has made a bi-weekly payment to PaymentShield Plus that has not been sent to the lienholder, they can choose to get that refunded or sent to the lienholder towards their loan. Regardless of the 60 day window, any $3.99 convenience collections will not be refunded.

EquityPro is unlocked through the purchase of PaymentShield+. There is no separate purchase price for EquityPro, although applicable transaction-processing fees may apply.

PaymentShield+ is available in three benefit levels:

  • $2,500 benefit level: $299
  • $5,000 benefit level: $399
  • $7,500 benefit level: $499

Pricing and availability are subject to applicable program terms.

EquityPro analyzes the customer’s loan and calculates the potential principal acceleration created through the payment schedule. A percentage of that amount may be made available as store credit for eligible protection products.

The percentage is based on the customer’s APR:

  • 0%–9% APR: Up to 60%
  • 10%–18% APR: Up to 50%
  • 19% APR or higher: Up to 40%

The remaining amount can continue building in the customer’s e-wallet and may be applied toward loan principal or retained according to the customer’s instructions.

Yes. Customers can choose to apply their EquityPro benefits toward principal acceleration instead of using the available value for protection products.

Customers who use a portion of their available value for protection products can still direct the remaining funds toward reducing principal, potentially saving interest, shortening the loan term, or building funds in their e-wallet.

Eligible DOWC F&I products purchased through EquityPro are available for use immediately, subject to the specific coverage, deductible, limitations, exclusions, and claims provisions of each contract.

The customer can contact EquityPro to update the loan information and continue the service. Refinancing does not automatically require the customer to discontinue the weekly or biweekly payment arrangement.

Yes. Customers may request cancellation at any time. Because eligible protection products are funded through the ongoing payment arrangement, canceling the arrangement may also result in cancellation of the associated products.

Since the product cost was not added to the original auto loan, cancellation generally will not reduce the customer’s monthly payment or generate a refund to the original lender. All cancellations remain subject to the applicable agreements and product terms.

Dealer FAQs

The dealership receives an ACH payment at the end of the applicable monthly billing cycle for the full retail amount of eligible products sold through EquityPro.

There is no separate EquityPro fee charged to the dealership. Customers may pay an applicable payment-processing fee, which is disclosed during enrollment.

Yes. A dealership may preload PaymentShield+ as part of its “Why Buy Here” offering. The dealership may preload the $2,500 benefit level and allow the F&I department to offer customers the option to upgrade to the $5,000 or $7,500 benefit level.

A PaymentShield+ preload can help establish the foundation for offering EquityPro.

EquityPro is designed for availability in all 50 states and is supported by the required money-transmitter licensing. Final eligibility and product availability remain subject to applicable laws, program requirements, and individual product terms.

Existing DOWC dealers can begin the EquityPro enrollment process and complete the required PaymentShield+ addendum.

New dealers must first complete DOWC’s online dealer enrollment, activate PaymentShield+, and then enroll in EquityPro. Enrollment in EquityPro can initiate the PaymentShield+ documentation process; however, enrolling in PaymentShield+ alone does not automatically enroll a dealership in EquityPro.

Agent FAQs

DOWC provides marketing resources designed to help agents introduce EquityPro to dealerships and support dealer-to-customer conversations. Available materials may include:

  • Digital and social media content
  • Point-of-sale materials
  • Dealer and customer brochures
  • Pre-sale and post-sale one-sheets
  • Product explainer materials
  • Website-ready resources
  • F&I training and sales-support materials

Agents can use these resources to explain the program, support dealership enrollment, and help F&I teams confidently present EquityPro to customers.

All benefits, pricing, commissions, fees, eligibility requirements, product availability, funding terms, and cancellation provisions are subject to the applicable EquityPro, PaymentShield+, and DOWC agreements and disclosures.

Equity Pro is integrated with the Virtual F&I platform to ensure a seamless sales experience. Here, customers can view their biweekly or weekly payments, see their store credit amount and make an informed decision.

Dealerships can offer vehicle service contracts and bundle contracts through the Equity Pro store credit.

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EquityPro

+1 (000) 000-0000

email@equitypro.com