We know that insurance can be confusing. What coverages do I need? What do I do in case of an accident? We have tried to answer a few of the most common questions here to help.


Frequently Asked Questions

Am I required to carry full coverage insurance?

Yes. Your contract requires that you carry full coverage insurance. That means that you must carry both comprehensive and collision insurance for all parties listed on the contract.

Do my deductibles have to be set at a certain amount?

Yes. Your contract requires that your deductible be $500 or less for both comprehensive and collision.

Do I have to have a lienholder listed on my policy?

Yes. In order to fulfill your insurance requirements, you must list Auto Advantage Finance as a loss payee on your policy as follows:

Lienholder: Auto Advantage Finance
                     PO Box 96329
                     Oklahoma City, OK 73143


Do all parties listed on the contract have to be on my full coverage insurance?

Yes, all parties on the contract must be listed as drivers, with no exclusions, for the vehicle that you are purchasing.


What do I have to do to prove that I have coverage?

It is the customers responsibility to provide an insurance declaration page (dec page), not an ID card, to Auto Advantage Finance as soon as possible after purchase to fulfill your requirements. This can be done by email or fax.

Fax: (405) 600-3256


What will happen if I do not provide proof of full coverage insurance to Auto Advantage Finance?

Auto Advantage Finance will purchase collateral protection to protect their interest in the collateral of your loan and the cost of that policy will be your responsibility. Auto Advantage Finance will be the insured on the policy and you will be billed according to your current payment schedule for that amount until full coverage insurance, meeting all of the above standards, is provided to Auto Advantage Finance.


What do I do if I get into an accident?

If you have had an accident, follow these steps:

Call 911 if someone appears to be injured

Notify the police. Even if you are at fault, calling the police to file a report may protect you from false claims by the other party. A copy of the police report will be necessary to finish filing your claim with the insurance department.

Get the drivers license and insurance information from the other parties involved.

If possible, take pictures of your vehicle and theirs before leaving the scene of the accident, especially if your vehicle is going to be taken away by a tow truck or impound yard. This could help speed up the claims process. If you do not have a camera with you, take pictures of you vehicle as soon as you can.

Get the accident report number from the police officer at the scene.

If your vehicle is being towed, get the name and telephone number of the tow truck, and find out where they are taking your vehicle.

Obtain a copy of the accident report from the city using the report number obtained in the previous step. This will also help speed up the claims process.

Notify Auto Advantage Finance's Insurance Department at (405) 772-7725. Be prepared to provide the insurance claim information, the police report, and pictures of the damage. If they do not answer you MUST leave a message and someone will call you back. If you do not leave a message they will not know that you have reached out.

Notify all other insurance companies involved.

Never accept an offer to settle from the insurance company without first discussing your options with Auto Advantage Finance at (405) 772-7725.

Continue to make your payments as scheduled until the claim as been settled. Auto Advantage Finance does not allow owner retention on total loss vehicles unless account is paid in full.


What do I do if I receive a check for my vehicle repairs from my insurance company and Auto Advantage Finance is listed on the check?

If your vehicle was declared a total loss that check needs to be endorsed by you and turned over to Auto Advantage Finance to be applied towards your open loan balance. Any overages will be refunded to you.

If your vehicle was deemed repairable, the check and the repaired vehicle must be taken to one of our warranty departments for inspection. Once the repairs have been verified, the check will be sent to our corporate office for endorsement and then returned to you.

What if I want to apply the repair check towards my balance instead of fixing the vehicle? 

As long as the vehicle is repairable, please contact the Insurance Department at (405) 772-7725 for further instructions.


                                                                                
Auto Advantage Finance

Address
PO Box 96329 
Oklahoma City, OK 73143

Insurance Department: (405) 772-7725
                                                                                     

Insurance Department Hours

  • Monday 8:00 am - 5:00 pm
  • Tuesday 8:00 am - 5:00 pm
  • Wednesday 8:00 am - 5:00 pm
  • Thursday 8:00 am - 5:00 pm
  • Friday 8:00 am - 5:00 pm
  • Saturday Closed
  • Sunday Closed