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GAP

Dealer Guaranteed Asset Protection (GAP) is a debt cancellation product that helps borrowers pay off their vehicle loan in the event of a total loss. Since insurance settlements are based on the car窶冱 actual value as of the date of loss, they are often less than the borrower窶冱 loan balance. This creates a deficiency balance or 窶徃ap窶 that could jeopardize repayment. GAP allows the lender to waive the deficiency balance relieving the borrower from payment of this debt.

Features

NAC

  • Maximum MSRP/Retail Book: $100,000
  • Maximum Losses Waived: $50,000 (not to exceed 125% of

Applicable Retail Book for independent dealers and 150% for

franchise dealers)

  • Maximum Term: 96 months
  • Coverage allowed on new & used cars, light trucks
  • Insurance deductible coverage: $500 for independent and

$1,000 for franchise

  • Cancellation fee: $50 (unless prohibited by state law)
  • Claims follow carrier claim procedures
  • Maximum retail price is determined by lenders

 

Safeguard

  • Maximum MSRP/Retail Book: $150,000
  • Maximum Losses Waived: $50,000 (not to exceed 150% of Applicable Retail Book)
  • Maximum Term: 84 months
  • Coverage allowed on new & used cars, light trucks
  • Insurance deductible coverage: $1,000
  • Cancellation fee: $25 (unless prohibited by state law)
  • Online remittance and cancellation
  • Claims must be reported within 90 days of the date of loss

 

NSD

  • Maximum MSRP/Retail Book: $100,000
  • Maximum Losses Waived: $50,000
  • Maximum Term: 84 months
  • Coverage allowed on new & used cars, PowerSport, recreational and marine vehicles
  • Insurance deductible coverage: $1,000
  • 30 day delinquent payment coverage protection

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