January 27, 2022
A heads-up for you regarding our WiseTVP and WiseMVP vehicle service contract programs – updated contract form versions will be implemented beginning February 1, 2022. These new contract forms will be implemented in all states, except Florida.
Our eContracting system has been configured such that all applicable WiseTVP and WiseMVP contracts written on or after 2/1 will be generated using the new form versions.
Core benefit coverages and most contract provisions remain unchanged. The forms have been simply updated for certain state and lender compliance reasons, and to visibly align better with Wise F&I’s other product lines including updated contact information.
Here are the noteworthy provision updates to both the WiseTVP and WiseMVP forms, which are all subject to specific state requirements, if applicable:
- Transfer fee is now $50.
- Claims are deducted from a cancellation refund.
- Free look period is now 30 days for both new and used vehicles. After 30 days, pro rata refund for both new and used vehicles.
With this updated form deployment, rates and vehicle class guides are not impacted and remain unchanged. For dealers selling WiseMVP in Florida, no form change is required.
We do not expect any disruption to your current WiseTVP and WiseMVP sales processes.
We know that you may have questions or concerns; so, please feel free to contact your Account Executive or Wise F&I Client Services (at 800-849-9559 or firstname.lastname@example.org) for additional information.