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This document serves as an addendum to a financing agreement pertaining to guaranteed asset protection for the purchase or lease of a vehicle.
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How to fill out guaranteed asset protection gap
How to fill out GUARANTEED ASSET PROTECTION (GAP) ADDENDUM
01
Obtain the GAP Addendum form from your dealer or lender.
02
Read the instructions carefully to understand the coverage.
03
Fill in your personal information, including name, address, and contact details.
04
Provide details of the vehicle, including make, model, VIN, and purchase date.
05
Enter the loan information, including the amount financed and the loan term.
06
Review the terms and conditions of the GAP coverage.
07
Sign and date the addendum to confirm your agreement.
08
Submit the completed addendum to your lender or dealer.
Who needs GUARANTEED ASSET PROTECTION (GAP) ADDENDUM?
01
Individuals financing a new or used vehicle.
02
Those who want additional protection against financial loss in case of theft or total loss.
03
People with a low down payment who want to avoid being upside down on their loan.
04
Car buyers who have a high-risk of depreciation.
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People Also Ask about
What does guaranteed asset protection cover?
GAP is supposed to cover the loss you would suffer if your loan balance is higher than the value of the vehicle. GAP is one of several optional add-on products – such as extended warranties or credit insurance – that a dealer will likely offer to you when purchasing or leasing a car.
Is gap insurance actually worth it?
Benefits of GAP Insurance If your car is totaled early in the loan term, your standard auto insurance may only cover the ACV, leaving you responsible for the remaining loan balance. GAP insurance can help cover that shortfall, potentially saving you thousands of dollars.
What are the cons of gap insurance?
The cost of gap insurance could be rolled into your car loan, but that means you'll also be paying interest on it. You'll also lose the flexibility to cancel the gap insurance since it's tied to your loan, so you might end up paying for something that's no longer useful.
Do I still have to make payments on a totaled car with gap insurance?
You'll be responsible for any remaining amount on your car's loan after your standard auto insurance policy pays for the current value and gap insurance pays up to the limit specified in your policy. If you purchase enough gap insurance, however, you shouldn't owe anything in the event your car is totaled.
Should I add gap insurance to my car loan?
If your vehicle is not financed, there is no reason to purchase gap coverage. If you do finance your vehicle, gap coverage can be a good idea, but it depends on how much you drive and how quickly your car depreciates.
How does NFCU gap insurance work?
It's an optional plan that may cover the difference between your outstanding loan amount and what your primary insurance company covers. Adding GAP to your new or existing auto loan may be an affordable way to protect yourself if your car is totaled in an accident or stolen.
Should I get guaranteed asset protection?
Do you have enough money in your savings to pay the difference between what you owe and what the vehicle is worth? If you don't have enough to pay the difference, or if you don't want to pay the difference out of pocket, then we recommend you get GAP coverage.
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What is GUARANTEED ASSET PROTECTION (GAP) ADDENDUM?
The Guaranteed Asset Protection (GAP) Addendum is a financial product that protects vehicle owners from financial loss in the event of a total loss of their vehicle, typically due to theft or an accident, by covering the difference between the actual cash value of the vehicle and the remaining balance on the loan or lease.
Who is required to file GUARANTEED ASSET PROTECTION (GAP) ADDENDUM?
Typically, lenders or financial institutions that provide auto loans may require the filing of a GAP Addendum as part of the loan agreement, particularly if the borrower is financing a vehicle.
How to fill out GUARANTEED ASSET PROTECTION (GAP) ADDENDUM?
To fill out a GAP Addendum, a borrower must provide information such as the vehicle's purchase price, current loan balance, insurance information, and any additional coverage details. They may also need to sign the addendum to acknowledge their understanding of the terms.
What is the purpose of GUARANTEED ASSET PROTECTION (GAP) ADDENDUM?
The purpose of the GAP Addendum is to ensure that vehicle owners are financially protected in case their vehicle is declared a total loss, thereby preventing them from being liable for a loan balance that exceeds the vehicle's market value.
What information must be reported on GUARANTEED ASSET PROTECTION (GAP) ADDENDUM?
Key information that must be reported on a GAP Addendum includes the borrower's name, vehicle details (make, model, VIN), loan details, current loan balance, insurance coverage information, and any policy numbers related to the GAP coverage.
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