Guaranteed Asset Protection (GAP) Insurance is a debt waiver that eliminates the out-of-pocket expense incurred should there be a difference between the actual cash value and loan payoff when a vehicle is stolen or totaled.


GAP Insurance Coverage

  • Max LTV MSRP/NADA Limit: 150%
  • Other Debt Allowed: Yes, up to 150% Limit
  • Maximum Loan Term: 84 months
  • Maximum Deductible Coverage: $1,000 (Not available in NY)
  • Delinquent Payments: Yes, 2 covered
  • Skip-A-Payments: Yes, 2 covered
  • Claim Filing Period: 365 days
  • VisualGAP Web Tool: Free

GAP Website Features

  • Generate an NADA Value for the vehicle
  • Show the Borrower their potential GAP Risk
  • Ability to print a Selling Menu for the Borrower with all loan protection options.
  • Ability print out a GAP Waiver form
  • Edit GAP Waiver forms if entered incorrectly.
  • Monitor Claim Status.
  • Have access to training materials and forms.
  • Have access to Live Chat on every screen of the Online System

Borrower Benefits

  • Reduces or eliminates remaining loan balance after the insurance settlement
  • May be financed with the loan
  • Enables Borrower to finance a higher Loan to Value
  • Helps eliminate “out-of-pocket” expense and eases burden of purchasing replacement vehicle
  • Provides Borrower with a $1,000 benefit towards the financing of replacement vehicle with Lender
  • Helps protect Borrower’s credit rating

Lender Benefits

  • Reduces the lending risk incurred with no equity, upside down loans
  • Reduces or eliminates charge-offs on deficiency balances
  • Promotes repeat business through $1,000 benefit
  • Provides Borrowers with a better option than much higher priced GAP offered through the dealers
  • Excellent fee income for the Lender
  • Offering to your Borrowers will educate them on the potential risk whether they Accept or Decline coverage