dealer guide installment payment plan (spp) - rate … dealer guide.pdf · dealer guide installment...

®2015 Zurich American Insurance Company. All rights reserved. Property of Zurich – Intended for dealership use only. Additional external distribution is strictly prohibited. Do not copy. V36600BQ (02/2015)

Dealer Guide Installment Payment Plan (SPP) Automotive Market Zurich partners with Service Payment Plan, Inc. (SPP) to provide this installment payment plan. Zurich is the administrator of the service contract, but SPP manages all financing.

Program requirements • The vehicle must meet all service contract eligibility requirements.

• The amount financed must be equal to or greater than the dealer remit plus the applicable SPP fee. Federal Truth-In-Lending Law strictly prohibits the dealer from charging a separate fee to the customer for using the payment plan.

• The dealer pays the SPP dealer fee for all service contracts paid in full.

• The dealer pays the SPP cancellation fee for all service contracts cancelled before payment in full.

Effective February 1st 2015:

Program instructions Electronic method 1. Complete the Official vehicle service contract eContract via F&I Rate Track or PowerMenu.

2. During the eContracting process, complete the SPP agreement electronically.

3. Finalize and Close the SPP Register in F&I Rate Track.

Click the document below for details of the electronic SPP agreement process.

Electronic SPP

SPP Payment

Plan Option

Fee Structure for Amount Financed Minimum term

of coverage $0.01- $999.99

$1,000 -$1,699.99 $1,700.00 - $2,699.99

$2,700.00 - $10,000.00

12-Month $55

($25 refund)* $115

($65 refund)* $170

($70 refund)*

7% of Amount Financed

(50% refunded)*

24 Months & 24,000 Miles

18-Month $85

($35 refund)* $170

($70 refund)* $270

($120 refund)*

10% of Amount Financed

(50% refunded)*

36 Months & 36,000 Miles

*Refund by SPP to Dealer if service contract is cancelled before the 3rd installment payment.

®2015 Zurich American Insurance Company. All rights reserved. Property of Zurich – Intended for dealership use only. Additional external distribution is strictly prohibited. Do not copy.

2 V36600BQ (02/2015)

Manual Method 1. Complete a vehicle service contract.

2. Complete a retail installment contract.

3. Verify the amount financed is a minimum of Zurich remit plus the applicable SPP fee. (The amount financed can be more.)

4. Collect and keep a cash down payment (10% is suggested). Remaining dealer profit is paid after the customer has made 2 payments to SPP.

5. Complete an Installment Payment Plan Register.

6. The Installment Payment Plan Register should include the company and lienholder copies of the vehicle service contract and the retail installment contract.

7. Attach voided check or complete credit card information.

8. Submit payment plan contracts as soon as they are written. (Do not wait and report with month-end business.)

Cancellation instructions • The dealer pays the applicable cancellation fee for all cancelled payment plan contracts.

• Requests for cancellation should be sent to Zurich. Customer refunds will be returned to the selling dealer through SPP.

• SPP reserves the right to cancel any installment contract and vehicle service contract if payments are not made in a timely manner.

Contacts

Zurich F&I Customer Service 888.805.1594

Service Payment Plan, Inc. (SPP) 800.346.5990

Electronic Service Payment Plan (SPP) in F&I Rate TrackSM

Effective August 1st, 2010

2

Electronic Service Payment Plan (SPP) in F&I Rate TrackSM

Table of Contents

Pages 11 - 13View Approved SPP retail installment contracts

Pages 15 - 16Finalize SPP Remit Register

Page 14Finalize eContracts with SPP financing

Pages 4 -10Create SPP retail installment contract

Pages 3 - 5Calculate SPP monthly payments

3

Calculate the SPP Monthly Payment

On the New Quote tab of F&I Rate Track:Rate the Products.Check the ‘Apply Service Payment Plan’ box.Click the ‘Here’ link.

SPP Payment Calculator will display for:

VSCMaintenanceTire & Wheel

4

SPP Payment Calculator includes eligible:

VSCMaintenanceTire & Wheel

Calculate the SPP Monthly Payment (cont.)

Enter the Sales Tax (dollar value or percentage).Enter the Downpayment.Click the ‘Calculate’ button.

5

Calculate the SPP Monthly Payment (cont.)

The SPP monthly payment link is also available on the Contract Forms window for quotes saved with the SPP indicator.

6

Create the SPP Retail Installment Contract

Print the Official copy of the product eContract.Click the ‘ Create’ link in the SPP status column.

A new window for SPP Payment Information will

display.

7

Complete the SPP Payment Information

Complete the payment information.Click the ‘Submit’ button.

A payment confirmation window will

display.

8

Complete the SPP Payment Information (cont.)

Review the payment information.If the information is incorrect, click the ‘Modify’ button to return to the previous screen.If the information is correct, click the ‘Submit’ button.

After clicking the ‘Submit’ button,

the SPP Retail Installment

Contract will display.

9

Print the SPP Retail Installment Contract

Print two copies of the SPP contract using the Printer icon. Obtain the Customer’s signature on both copies.Provide the Customer with a signed copy.Maintain a signed copy in the dealership records.

Close the PDF by clicking the X in

the top right corner of the

window.

10

Submit the SPP Contract

Click the ‘Reprint RIC’ button to print additional copies of the SPP Retail Installment Contract. Enter your name in the dealership representative field.Click the ‘Submit’ button to complete the transaction.

The F&I Rate Track Contract Forms window

will display.

11

Return to Contract Forms

After the SPP Retail Installment Contract is submitted, the SPP status column in the Contract Forms window will be updated to ‘Approved’.

12

SPP Contract on the Current Contracts Tab

The SPP Retail Installment Contract is now available on the Current Contracts tab. Click the ‘Approved’ link to view the SPP Retail Installment Contract.

13

SPP Contract on the Current Contracts Tab (cont.)

SPP Retail Installment Contracts can also be started from the Current Contracts tab. Click the ‘Create’ link to start the SPP Retail Installment Contract process.

14

Finalizing eContracts with SPP Indicated

Effective August 1, 2010, all eContracts that indicate SPP must be accompanied by an ‘Approved’ SPP Retail Installment Contract to be eligible for the Finalize button.

15

Finalizing the Open SPP Register

New Business - Finalized eContracts: Requires no additional action since SPP Retail Installment Contracts were created electronically.

New Business - Finalized Quotes: Requires entry of the SPP Fee and Amount Financed since SPP Retail Installment contracts were created manually.

16

Finalizing the Open SPP Register (cont.)

Click the ‘Finalize and Close Register’ button.Determine if contracts must be mailed to Zurich.

New Business - Finalized eContracts: Requires no additional action. All contracts are submitted electronically.

New Business - Finalized Quotes: Attach copies of SPP Retail Installment Contracts and VSC/Maintenance/Tire & Wheel contracts to a copy of the register. Mail all copies to Zurich.

Mail nothing.

Mail copies to Zurich.