June 03, 2020 (RINGWOOD, NJ) — Dealer Owned Warranty Company (DOWC®), a leading provider and administrator of F&I products, introduces PaymentShield™, a new car payment assistance program added to its suite of F&I products.
The PaymentShield program provides reimbursement for up to six months of car payments for consumers who lose their job due to covered circumstances, including pandemics like COVID-19. PaymentShield is available for new vehicles that are leased or purchased, as well as for loans on used cars.
“The unemployment caused by the current pandemic is unprecedented, so we were inspired to develop a program to help dealers provide a level of financial assurance to their customers as they reopen their dealerships,” said Michael LaMotta, founder of DOWC. “DOWC products are designed to help drivers when they need it most.”
DOWC’s PaymentShield is a benefit of purchase offered by the selling dealer. When a vehicle is purchased from a participating dealership that offers the program, the consumer is automatically eligible for a predetermined maximum PaymentShield benefit based on the amount that is being financed.
Assuming a maximum PaymentShield benefit of $5,000, for example, a driver could receive a monthly reimbursement for their entire payment for up to six months for monthly car payments up to $833. To qualify for benefits, proof of employment at the time of vehicle lease or purchase is required, as well as proof of job loss due to a covered circumstance. Consumers must also be current on their payments and provide proof of payment(s) to be eligible for reimbursement.
PaymentShield is available to DOWC partner dealers and their customers.
DOWC® is among the fastest-growing service contract providers and administrators in the United States. DOWC offers customizable F&I products, expertise in compliance, and a full suite of technology designed to optimize productivity and expedite claims adjustments, processing, and reporting. For more information, visit www.dowc.com, call 201-777-1000, or email [email protected]