GAP Waivers

GUARANTEED ASSET PROTECTION
(GAP) PAYOFF EXAMPLE

Loan Amount: $25,000
Term: 60 months
Loss Date: 36 months
Loan Payoff Due: $15,000
Insurance Settlement: $10,000
Difference Between Insurance and Payoff: $5,000
Plus Insurance Deductible: $500

What you owe (Difference + Deductible): 
$5,500 Gap Waiver Pays: $5,500

GAP Benefits

• Should get some money back on the cancellation of their current GAP policy if purchased from a dealership. As GAP coverage from the dealership is usually not transferable to a new loan. 

• Prevents borrowers from delinquencies and damage to their credit for the price of a coffee per month. Often borrowers don’t have the capital to pay for the remaining balance they are responsible for in a total loss.

• Covers the vehicle’s insurance deductibles up to $1,000 

• Covers losses up to $50,000