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Brokerage Professionals, Inc., the Escrow Trustees.
* * * All amounts placed in escrow, together with
accrued investment income, shall constitute a Primary
Loss Reserve Fund (the "Reserves") for payment of
claims covered by the Contract. Dealer further agrees
to provide an insurance policy with the Travelers
Indemnity Company to cover claims in excess of the
Reserves and continue to maintain said policy in force
during the term of this Contract.
The purchaser is directed to return the vehicle to the
dealer in the event of a mechanical breakdown. Repairs performed
by another repair facility are not covered by the contract unless
the purchaser secures the Administrator's prior authorization.
When the Administrator authorizes covered repairs by another
repair facility, the Administrator arranges for payment of the
claim from the Primary Loss Reserve Fund (PLRF) on the dealer's
behalf.
The purchaser is entitled to cancel the VSC at any time upon
payment of a nominal service charge. The purchaser’s
cancellation rights are spelled out in the contract as follows:
1. This contract may be cancelled and the entire
Contract purchase price will be refunded by the Dealer
to the Contract Holder/lienholder if notice of
cancellation is given during the first sixty (60) days
provided a claim has not been filed hereunder.
2. If a claim was authorized during the first sixty
(60) days or if a cancellation is requested after the
first sixty (60) days, the pro-rata unearned Contract
purchase price will be refunded by the Dealer to the
Contract Holder/lienholder based on the greater of the
days in force or the miles driven related to the terms
of this Contract.
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Last modified: May 25, 2011