2025 Reward
Qualifications To Be Eligible For The $500 Principal Reduction After 12 Months
- Loan must be set on auto-pay from an active checking account at Highmark.
- Counting for the 1 year payment anniversary will begin with the first payment due date.
- Loan must be set for monthly, semi-monthly, bi-weekly, or weekly payments within the loan record and contract. Other payment schedules are not eligible for the anniversary principle reduction.
- The first 12 monthly loan payments must be made consecutively.
- Borrowers cannot utilize skip-a-pay program on the loan for any of the preceding 12 monthly loan payments.
- The first 12 monthly payments must be made on time (30 or less days late).
- Payments made 31 or more days from the due date will disqualify the loan from the anniversary principal reduction benefit.
- The lien on the collateral must be perfected in Highmark’s name prior to the payment anniversary benefit coming due, or being paid.
- If the loan is paid off prior to the 1 year payment anniversary principal reduction, the benefit will be forfeited.
- Greenlight loans are not eligible for this program.
- Borrowers must have maintained appropriate insurance coverage (full coverage with deductibles of $1000 or less and Highmark listed as lien holder) since inception of the loan (NO collateral protection insurance – CPI).
- Loan must be current when the one year payment anniversary arrives.
- Collateral cannot have been in a repossession status during the first 12 monthly loan payments.
- Should the anniversary principle reduction payoff the loan, Highmark will apply either the regular monthly payment amount (up to $500.00) or the payoff amount whichever is lower.
This program applies to new money loans only, no internal refinances. This program applies to new and used auto loans only. Borrowers who file for bankruptcy before a benefit is paid and borrowers requesting a modification of loan terms (rate, payment amount, collateral, skips or other changes) are not eligible for the anniversary ($500 max principal) reduction benefit.
Loans that do not meet the qualifications listed above will be ineligible to receive a one-time payment benefit in the form of a $500 (max) principal reduction on their Highmark loan.