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Simple. Affordable. Fast.
One of the worst life events that can happen to an automobile owner is to get into an accident and "total" the vehicle. This occurs when the insurance company determines that the damages to the automobile during the accident exceed its fair market value ("FMV').
When purchasing a new or used vehicle, a consumer will typically make a down payment towards their purchase and finance the remaining balance/cost of the vehicle through a financial institution for a specific period, typically 4-6 years. A huge enemy of the car buyer during the finance period is depreciation.
Depreciation is the reduction in value of an asset over time. In this case, new automobiles typically depreciate 20% to 30% after their first year and will continue to decrease in value by as much as 60% or greater in five years.
More importantly, if there is any money down towards this automobile purchase, all of the down payment could have been consumed by depreciation as well, and the down payment would have been lost as a result of the accident.
YourCo Innovations, Inc. has created a program called Down Payment Investment Coverage (DPIC), which would reimburse a consumer for the consumer’s down payment, dollar-for-dollar, should the covered vehicle become a total loss.
This Program will be purchased separately from other add-on products, such as GAP insurance or GAP waiver, and will not duplicate benefits offered under such products.
How Our Coverage Works.
01
Enroll Today:
Sign up when you purchase your vehicle. Include the plan cost in your monthly vehicle payment.
02
Drive Worry Free:
Enjoy your new car knowing your down payment is protected. For the first time, you can truly say you are fully covered.
03
In The Event of a Total Loss:
If your vehicle is totaled, simply file a claim, and we'll reimburse your down payment in full. A total loss can be the result of an accident, theft, or natural disaster.
04
Get Back on the Road:
Use your reimbursement towards a new vehicle with confidence.
DEALERSHIP LOCATOR
Find An Eligible YourCo Partner
Paul Buys a Car.
Paul purchases his "dream" vehicle which has a sales price of $40,000. Paul decides to make a down payment of $5,000 and finance the remaining $35,000. He is required to have full comprehensive insurance coverage because of the remaining balance owed, and he decided to add gap insurance to this coverage. Paul feels his purchase is fully protected, finalizes the deal, and leaves the dealership in his new dream car. Yay, Paul!
Eleven months later, Paul is in an automobile accident and totals his vehicle. The insurance company calculates the FMV of his car at $28,000 which is 30% lower than his original purchase price. His insurance deductible is $500.00, so the insurance company agrees to pay him $27,500 for his vehicle. Paul still owes $34,000 on the loan for his car. If his gap insurance coverage agrees to pay, then gap insurance will cover the difference between the FMV and the remaining balance on the automobile loan. The gap insurance coverage pays Paul $6,500.00, then he pays off his loan and is now at a $0 balance.
However, what about Paul's initial $5,000 down payment that he made? It was lost the moment his vehicle was totaled. If he wants to return to the dealership to purchase the same car and get the same financing terms, Paul will need another $5,000 down payment. If Paul is like a majority of car buyers, he will have to wait and save another $5,000 for his next down payment.
Thankfully, Paul elected to receive YourCo’s Down Payment Investment Coverage on his original purchase. Therefore, once his automobile was totaled, he qualified to receive a $5,000 payment to replace the initial down payment he had previously made. This allowed Paul to have the same initial down payment on his replacement automobile and establish the same financing terms.
ABOUT US
At YourCo, our mission goes far beyond simply creating another product to drive profit. We're here to disrupt the automotive industry from a place of care - to reshape it in a way that restores balance and offers consumers more meaningful choices. Our focus is on empowering the everyday customer, the one who's often left with limited options, and bringing trust back to the dealership experience.
3 Reasons To Make A Down Payment
01
Lower Monthly Payments
Making a down payment reduces the overall loan amount, which means you’ll be financing less of the car’s cost. This results in smaller monthly payments, making your car loan more manageable within your budget. A lower loan balance also means you’ll pay less interest over the life of the loan, saving you money in the long run.
02
Build Equity Faster
By putting money down upfront, you immediately own a larger portion of your vehicle, helping you build equity more quickly. This can be especially beneficial in the event of an early trade-in or a total loss scenario. With more equity, you’re less likely to owe more than the car is worth, which is a common situation when vehicles depreciate faster than the loan is paid off.
03
Improve Loan Approval Chances
A down payment can demonstrate financial responsibility and reduce the lender’s risk, which may increase your chances of getting approved for the loan, especially if you have a limited credit history. Lenders often view customers with a down payment as less risky, which could also help you qualify for lower interest rates. This not only saves money but can make purchasing a vehicle much more accessible.
Lower Monthly Payments
Lower Monthly Payments
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