GAP Waiver Protection

GAP, Guaranteed Asset Protection

GAP Waiver provides supplemental protection to a borrower’s primary insurance when a financed or leased vehicle is deemed a total loss.

  • Covers remaining loan/lease balance in the event of total loss or unrecovered theft
  • Covers borrower’s deductible on total loss claim up to $1000
  • Provides $1000 in replacement vehicle funds when financed by same lender

BENEFITS

GAP Waiver benefits the dealer, lender and customer in many ways.

Borrower Benefits

  • Saves money by covering insurance deductible in total loss situations
  • Reduces risk of negative equity & gets instant equity with $1000 for new vehicle
  • Strengthens relationship with a dealer they can trust
  • Guaranteed a positive, quick and fair claims experience

Lender Benefits

  • GAP claims paid quickly within 10 days without any hassles
  • Serviced by Golden Eagle Insurance, a local agency based in Ohio
  • Great American, a global ‘A’ rated provider based in Cincinnati, OH, insures claims are paid
  • Prevents negative interaction with borrowers due to deficiency loan balances

Dealer Benefits

  • Generates fee revenue for the dealer by allowing markup from the lender
  • Promotes repeat buyers with $1000 toward a replacement vehicle
  • Enables a positive customer experience by offering superior coverage options
  • Prevents negative interaction with customers due to negative equity situations

  Overview

  Application