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Guaranteed Auto Protection (GAP)
protects a borrower or lessee in the event of a total loss when
the primary insurance settlement does not pay off the loan or lease
balance.
A
major out-of-pocket expense can result in a default and create an
unpleasant replacement experience for your customer.
Premier
Lease & Loan Services'® GAP can be sold to borrowers
or lessees at loan or lease origination or is provided on a blanket
basis if your institution should want to provide GAP provisions
in your loans or leases.
Meets
your institution’s need whether you’re concerned with
risk management, product enhancement or increasing fee income.
Features
- Policies
filed and approved in 40+ states (United States)
- Detailed
reporting by state (U.S.) on GAP’s status as debt cancellation
versus an insurance product
- Monthly
reporting on portfolio activity
- Wholly
owned dealer administration company providing expertise in dealer
marketing and processing
- Rapid
and accurate claims service
Benefits
- Protects
receivables from default
- Enhances
dealer relationships
- Provides
service satisfaction for customers
- Fee
income to both your institution and automobile dealers
- Tax
benefits versus loss reserving
GAP
can also be packaged with other PLLS fee income products such as
Wear & Tear Protection, Job Loss Protection or Service Contracts
Incentive
programs can be included with voluntary GAP programs to insure sales
success at the dealer level
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