Debt Cancellation Contract (DCC)
As a lienholder, your retail installment sales contract requires the customer to maintain Comprehensive & Collision coverage for the duration of the loan. A Debt Cancellation Contract is an alternative to that requirement that you can offer to your customer for purchase at the time of sale. With a DCC in hand, when a customer suffers a total loss the lienholder cancels their loan balance in full. DCC can not be sold in conjunction with traditional Comprehensive & Collision or Full Coverage insurance. If a customer decides to purchase DCC, they still need to obtain separate liability coverage to satisfy state requirements. DCC is a reinsured product and historically has yielded a considerable underwriting profit. Reach out to one of our product specialists today to see if a Debt Cancellation program is available in your state.
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