GAP Insurance Program
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
- 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
- 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