Veritas Insurance Group Inc., a division of Priority One Financial Services Inc., announced the launch of its newly redesigned website. The new website, using the existing domain name, www.veritasinsurance.com, includes information on their comprehensive insurance offerings for all recreational products.
“Our old site didn’t clearly communicate that Veritas is an industry leader in providing specialized insurance on all recreational products,” said Jason Kendall, Veritas managing director. “Much like Priority One, our roots are in the marine industry but over the years we have grown to serve a wide array of recreational products. Our website needed to reflect that.”
Kendall added that the new website is easy to navigate, more personalized, offers educational information on how to purchase recreational insurance and makes it simple for consumers to request complimentary quotes by faxing, calling or using an online form.
For the past three years employees at St. Petersburg, Fla-based Priority One Financial Services Inc., a division of Forest River Inc., have volunteered their time to three Tampa Bay organizations throughout the month of November.
According to a press release, a group of 15 Priority One employees volunteered at Bay Pines Veterans Hospital on Nov. 4. One group greeted and assisted/wheeled patients to their various appointments across the VA campus and the other group formulated a patient transportation plan that would be needed during a three-year construction project of a new mental health facility to be located between the main hospital and the assisted living facility.
Jason Bagwell, operations manager of Priority One commented, “It’s great to get out into the community and give back, especially to those who have served our country and put their lives on the line for each of us.”
On the following Friday, a different group of Priority One staff members volunteered at Big Cat Rescue which is the largest accredited sanctuary in the world dedicated entirely to abused and abandoned big cats. Currently Big Cat Rescue has 14 species of cats including tigers, lions, leopards and cougars. This group helped by cleaning up the grounds.
The final volunteering activity was done at the American Cancer Society’s Benjamin Mendick Hope Lodge, which is a short-term residential facility designed to offer housing and support free of charge to any cancer patient who travels to the Tampa Bay area for treatment. Priority One employees cooked and served breakfast for patients and their families staying at the lodge. After breakfast, Priority One volunteers cleaned the kitchen, organized their pantry and did small maintenance and organizational tasks.
St. Petersburg, Fla.-based Priority One Financial Services Inc., an F&I outsourcing provider to the recreational vehicle industry, announced that Operations Manager Jason Bagwell is marking 10 years with the company.
According to a press release, Bagwell was hired in 2001 to develop a funding department and has since grown the unit to a staff of eight business administrators. Bagwell has worked successfully with banks and Priority One’s dealers partners to create “the model of what a successful funding operation should be,” the release stated.
“Jason is an integral part of the service we offer to dealers. His commitment to providing our dealer partners outstanding service is second to none,” said Lorraine Mariotti, vice president of lending for Priority One, a subsidiary of Forest River Inc. “He lives and breathes funding and it is not unusual to see him in the office late into the evening ensuring deals are funded to help dealers meet their goals.”
Veritas Insurance Group, specializing in recreational insurance, welcomed Molly Rienerth as an agency administrator and Catherine Black as coverage consultant, according to a news release.
Prior to Veritas Insurance, Rienerth, a graduate of St. Petersburg College, worked for over four years in the automotive and RV industries assisting with titling, accounting and administrative duties.
In her position at Veritas, Rienerth will be responsible for policy services, client retention and cross-sales.
Black is a St. Petersburg, Fla., native. She attended the Florida Insurance School in Tampa and holds a Life, Health and Variable Annuities License. Catherine has a proven sales record encompassing over 19 years of professional experience in the Tampa Bay market.
Veritas Insurance Group Inc., St. Petersburg, is a division of Priority One Financial Services Inc., and specializes in recreational insurance. Priority One is the nation’s oldest and largest full-service retail F&I outsource company and has been serving recreational dealers since 1987.
Editor’s Note: The following article was provided by Heather Mariscal of Priority One Financial Services Inc., a subsidiary of Forest River Inc.
Credit scores are not what they used to be. Just a few years ago, many considered a good credit score 680 and above, but today that same 680 score would be an automatic decline from most recreational lenders. You owe it to your customer, as well as to your dealership, to obtain the most complete credit information available before submitting the loan to your lender partners. This means your F&I department needs to have available all three major credit bureaus’ reports.
As every good F&I manager knows, in order to present a credit application to a lender in the best possible light, you must thoroughly review the customer’s credit report first and not just submit the application based on score alone. It’s critical to understand and determine the strengths of the loan request as well as the challenges. While it’s only necessary to use one credit bureau, it is to your advantage to have access to reports from the top three credit bureaus, Equifax, Experian and TransUnion, because scores and credit information can differ greatly among the three.
Credit scores differ for a variety of reasons:
- Lenders might not report to all three bureaus.
- Public records including collections, judgments, liens and bankruptcies might not be reported.
- Closed accounts might not be reported closed.
- The last reported date of a trade line might not be identical.
Because of these differences it is beneficial to receive reports from the top three bureaus to compare credit reports, and see what the lenders are going to see. To help secure approvals, review all three credit bureaus’ reports to ensure you don’t miss any key information the lenders may be basing their loan decision on. Since it is not unusual to see a wide range of credit scores on the same customer, your F&I department should work with all available information, not a piece of the picture portrayed by a single bureau. Keep in mind lenders typically do not pull all three bureaus, as a rule, which could ultimately influence the credit decision negatively.
F&I managers that use only one bureau’s information and don’t receive all of the customer’s credit information, gathered from all three bureaus, could receive a less than desirable approval from lenders who use risk based pricing. With risk-based pricing, lenders estimate the probability that the borrower will default on the loan which means that different borrowers can receive different rates and terms on the same amount to finance. Additional factors that can alter the terms of the approval include: the number of trade lines, debt to income ratios, length of time in bureau and overall revolving usage. All of which could be different from one bureau to another. For example, depth-of-credit file on one bureau might be five years, however, another bureau it might be 10 years; therefore, the lender might deem that customer to have more risk because they evaluated five years of history versus ten.
It’s up to your F&I manager to pull all three credit bureaus, thoroughly review, and point out to the lender any credit bureau discrepancies which might help secure a better approval.
More deals will be approved when the F&I manager highlights the strengths your lenders look for to overcome any weaknesses that might exist in the deal. F&I managers must avoid mistakenly qualifying a deal as better or worse than it actually is. It’s better to have all of the information, than to be surprised with something that could mean losing the deal, or harming your credibility. To ensure this can be accomplished, review credit information from all 3 major credit bureaus. By doing so, the F&I manager will have all of the information necessary to do the best work for your customer.
Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River Inc., a Berkshire Hathaway Inc. company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, visit www.P1FS.com.