What is it?

It is a debt waiver between the customer and the lienholder.

What Does it do?

In the event of a total loss during the coverage period of the on-road or off-road vehicle, it will pay the difference between the scheduled payoff of the loan and the fair market value provided by the insurance claim, including the deductible.

Can I buy it later?

You cannot purchase a debt waiver after loan origination as it must be a part of the initial retail sales installment contract (loan document) to “waive” the debt.

Is GAP Insurance?

There is a type of GAP insurance that pays an additional benefit in the event of loss, you can contact your insurance agent for a quote if they offer it.

The GAP that our partners offer is a Debt Waiver product, and not insurance, although it can be regulated by insurance departments for consumer protection and enforcement of state laws.

Am I required to buy GAP?

NO! It is not a requirement to purchase any additional products in order to secure a loan with our partners. In fact, in some cases, GAP is not offered when it is determined that no GAP can exist due to considerable down payments, financing less than 70% of the value of the on-road or off-road vehicle.

Is GAP transferrable?

In most cases no; however, if the loan is being assumed by another individual, and it is authorized by the customer and lienholder, it may be transferred. Please call us at the number on your contract for assistance transferring your contract.

Is GAP Cancellable?

Yes! If you pay off the loan early, you may receive a refund of the unexpired portion of the purchase amount from the selling partner. You may also cancel and have the refund returned to the lienholder to reduce your loan amount. You may contact us directly for a cancellation quote by calling the number on your contract.