WALKAWAY Protection For Automotive Financing  
PLACEHOLDER

Press Release


WALKAWAY Announces Distribution Agreement with SWBC

Program drives credit union member retention and loan acquisition

 

IRVING, TEXAS, September 26, 2007 – WALKAWAY USA, LLC, announced today, a strategic partnership with Southwest Business Corporation (SWBC) for the distribution of WALKAWAY® Protection for Automotive Financing. This partnership provides SWBC with an opportunity to market WALKAWAY to credit unions throughout the United States.

With WALKAWAY® Protection for Automotive Financing, participating credit unions can provide their members with a unique benefit, offering protection against negative equity, allowing them to walk away from their vehicle loan or lease in the event of life-changing circumstances. Qualifying events include involuntary unemployment, loss of driver's license due to medical impairment, international employment transfer, self-employed personal bankruptcy, and total vehicle loss.

 

Jeff Beaver, President of WALKAWAY USA, LLC, stated, "We are pleased to announce our selection of SWBC for the distribution of WALKAWAY, a one-of-a-kind retention and loan acquisition program for the credit union marketplace. SWBC’s proven industry expertise and lasting relationships with over 1,000 credit unions make them an ideal partner for WALKAWAY in this marketplace.”

 

According to Mark Hein, CEO of the credit union division for SWBC, “We are excited to have the opportunity to introduce such a ground breaking product into this untapped market. WALKAWAY positions us to help credit unions differentiate themselves, increase loan volume, generate non-interest and fee income, and drive member loyalty, acquisition, and retention.”

 

Participating credit unions offer, at no cost to the member, a complimentary 12-Month Vehicle Return Program from WALKAWAY on every financed or leased vehicle, regardless of the member’s age, health or employment status. Members also have the option to extend the complimentary program to full term coverage, up to 84 months, with extended coverage levels such as Total Loss Protection. WALKAWAY is the only program available today that allows members to “walk away” from their payment obligations in the event of life-changing circumstances.

 

WALKAWAY USA holds the exclusive U.S. distribution license to the WALKAWAY program borne out of Canada. Since its introduction in Canada in 2000, WALKAWAY has made it possible for consumers to walk away from over $23 million in automotive-related debt and has provided WALKAWAY Retailers with a competitive sales advantage.

 

About WALKAWAY USA, LLC

WALKAWAY USA, LLC, is a division of EFG Companies, an industry leader in providing innovative Finance & Insurance products, services and technologies to the automotive industry. WALKAWAY USA markets and administers WALKAWAY® Protection for Automotive Financing and is the only Vehicle Return Program that protects consumers from financial shortfalls arising from the depreciation of new and used vehicles (negative equity). WALKAWAY is backed by American Security Insurance Company (rated A "Excellent" by A.M. Best Co), part of Assurant Solutions. The program is available only through Authorized Lenders.

 

For more information visit us at

www.walkawayusa.com/lenders or call us at (866) 886-WALK (9255).

 

About SWBC

Headquartered in San Antonio, Southwest Business Corporation (SWBC) is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions. For more information, visit SWBC’s web site at www.swbc.com.

 

Media Contacts

WALKAWAY USA LLC

Laura Krone

lkrone@walkawayusa.com

(972) 445-8341

 

Southwest Business Corporation
Julie Ring

jring@swbc.com
(210) 321-7304

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