According to our team of F&I experts, car owners are often unaware of the financial obligations they face in the event of job loss. Many Canadians are increasingly at risk of becoming unemployed and, as a result, struggling to afford their regular living expenses, including their car loan repayments.
Is Employment Insurance enough to cover your customers’ car loans?
Chances are that Employment Insurance may not be enough for some people — this is why car loan protection is so important.
We recommend that Financial Services Managers incorporate a visualization tool into their F&I presentations, so customers can see exactly how their finances will break down during job loss when relying on Employment Insurance. That’s where our useful Income Table for Job Loss tool comes in.
Download the Income Table tool
Financial Services Managers can download our free Income Table for Job Loss in Canada to help build a personalized case for why and how the customer would benefit financially from protecting their car loan.
Financial Services Managers can also use the free budget tool available in ‘Become a Loan Protection expert (part 1): Demonstrating the value of financial protection during unemployment’, to help the customer visualize their financial standing and offer them a timely and personalized F&I presentation.
If you need any support with using this tool, please don’t hesitate to reach out to us at Sales@LGM.ca or contact your local LGM Dealer Development Manager (DDM).
Disclaimer: The content for our blog is written by LGM Financial Services Inc. and provided for informational purposes only. While we want to provide you with valuable insights into vehicles, protection products and related topics, none of the information posted in our blog is intended to provide you with any mechanical, financial, legal or other professional advice. LGM disclaims all liability related to our blog and provides posts on an “as is” basis; we may reference third-party sources of information and we always strive for accuracy. Any amounts are only mentioned for illustrative purposes. Product information is provided in summary form and products may not be suited to your personal circumstances; please refer to the contractual terms and conditions applying to those products. LGM is committed to integrity and transparency; while LGM may have a financial interest in certain products mentioned in our blog, we only write about products that we know and trust. Thanks for reading!
