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’s actual value as of the date of loss, they are often less than the borrower’s loan balance. This creates a deficiency balance or “gap” 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