Lender Frequently Asked Questions

What is Suretys PlusOne™?

Our innovative policy eliminates the need for cosigners and protects lenders from losses in the event of loan default.

Who is Suretys?

Suretys provides groundbreaking PlusOne™ policies revolutionizing vehicle buying, leasing, and pre-approval for people with good cash flows but don’t yet have the credit history to get financing without cosigners. Suretys’ senior team consists of seasoned, successful insurance, finance, marketing, IT, and sales executives with corporate, entrepreneurial and startup experience.

Where does Suretys operate?

We started in our home state of Connecticut and have begun our national expansion. Today we operate in Texas and Connecticut, with expansion to other states planned through the fourth quarter of 2021 and throughout 2022. We will post updates on our website,or call us at +1 (855)-SURETYS for the latest information.

Is there a fee for participating in the Suretys program?

No. Suretys does not charge fees to lending institutions for participating in the program and there are no minimum sales required.

What is Pre-approval by Suretys?

Pre-approval, a free service by Suretys, calculates the maximum amount a borrower can comfortably pay each month according to their financial history and our proprietary algorithm. Knowing their pre-approved amount, auto buyers can shop confidently knowing which vehicles to buy and what deal to strike. When a buyer selects a vehicle, the pre-approval is converted to a signature-ready policy. Pre-approval helps lenders attract first-time Millennial and Gen-Z buyers to their institutions and increases the chances that they will become auto finance customers.  

Which types of auto financing do PlusOne policies cover?

PlusOne policies cover lease and loan agreements for any car or truck up to the maximum payment that Suretys qualifies a buyer for. Some restrictions apply, such as mileage limits, maximum monthly payment, and others relating to the deal or financing terms.

How do Lenders Make Money with Suretys?

Lenders make money with Suretys by approving loan and lease agreements that are protected from losses due to defaults over the covered period. Turning declines into approvals, writing more loans for first-time buyers, converting those buyers into longer-term customers, increasing loan officer productivity, and closing more deals than lenders who do not offer Suretys. 

Who Can Apply?

People with solid financial histories are welcome to apply for pre-approval or a PlusOne policy. Suretys policies are not for people with a history of charge-offs or recent bankruptcy.

Can Suretys help foreign nationals with ITINs?

Yes. Suretys calculates the maximum amount a borrower can comfortably pay each month according to their financial history and our proprietary algorithm.


How does Suretys guarantee that my lending institution is made whole in the case of default?

After a lender repossesses the vehicle and sells it at auction, Suretys reimburses the difference between the outstanding balance and approved fees, such as towing or storage. To file a claim, lenders Provide proof of default, date of last payment, and a declaration of all sums owed. Following that, they submit a claim within 30 days after repossessed vehicle sale

How solid is Suretys’ financial backing?

Suretys is backed by an A+ rated insurer by A.M Best.

How does Suretys Rate Applicant’s Ability to Pay?

Suretys’ proprietary algorithm reviews an applicant's financial history. We used AI and machine learning to discover the factors that indicate a person’s ability to pay their loan or lease properly.

Why Should Lenders Trust Suretys?

Suretys underwriting model and factors were fully tested and vetted by our A.M. Best A+ rated insurance partner. 

How does Suretys expedite our loan process?

Being completely digital, Suretys speeds time to approval, eliminates non-value adding paperwork, and enables lenders to write more loans without worrying about risk.

Which dealers can we work with?

Lenders can work with any dealer they have a financing relationship with.

Do lenders pay the PlusOne insurance premium?

No. The insurance premium is paid by the borrower.

Can borrowers finance the insurance premium into the loan agreement?

It depends if financing is for a loan or lease. Please contact Sales for more information.

Which organizations is Suretys compliant with?

Suretys is compliant with NCUA, CFPB, and NAIC.

How Do Applicants Pay for their Suretys Policies?

Payments for Suretys policies can be rolled into a lease agreement, up-front by the applicant, covered by the lender, or split between the lender and borrower depending on the lender's preferences.

How Safe and Secure is Applicant’s Data?

Suretys treats all data with the highest level of encryption and data security.

Does Suretys Help Customers Build Their Credit History?

Yes. Lease and loan payments reported to one of the three credit reporting bureaus can build credit history.