Get the free Guaranteed Asset Protection Waiver
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What is GAP Waiver
The Guaranteed Asset Protection Waiver is a service agreement used by consumers and dealers to waive the difference between the vehicle's outstanding balance and its actual cash value in case of total loss.
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Who needs GAP Waiver?
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GAP Waiver is needed by:
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Consumers purchasing vehicles with financing
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Auto dealers offering financing options
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Financial institutions involved in vehicle loans
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Insurance companies providing vehicle coverage
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Legal professionals drafting financial agreements
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Accountants advising on consumer protection waivers
How to fill out the GAP Waiver
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1.Start by accessing pdfFiller on your web browser.
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2.Search for the 'Guaranteed Asset Protection Waiver' using the search bar.
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3.Once you find the form, click on it to open in the pdfFiller editor.
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4.Review the form layout and identify the fillable fields, including consumer and dealer signature sections.
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5.Gather the required information, such as the vehicle's outstanding balance and applicable cash values.
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6.Fill in the consumer and dealer details accurately in the provided fields.
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7.Check the applicable box for either 'NEW' or 'USED' vehicle.
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8.Read through the disclosures and provisions included in the waiver to ensure understanding.
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9.Ensure all signatures are completed by the relevant parties.
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10.Review the entire form for accuracy and completeness.
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11.Save your progress frequently by clicking the 'Save' button.
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12.Once finalized, download the form as a PDF or submit it directly through pdfFiller's submission options.
What is the purpose of the Guaranteed Asset Protection Waiver?
This waiver protects consumers from financial loss by covering the gap between the amount owed on a vehicle loan and the vehicle's current cash value in case of total loss.
Who is required to sign the Guaranteed Asset Protection Waiver?
Both the consumer purchasing the vehicle and the dealer providing the financing need to sign the waiver to make it legally binding.
Can the Guaranteed Asset Protection Waiver be canceled?
Yes, the waiver can be canceled at any time, and consumers are eligible for a full refund if the cancellation request is made within 30 days.
What information do I need to complete this form?
You will need the vehicle's purchase price, loan details, and specific terms outlined in the waiver, including any state-specific provisions.
Is notarization required for this waiver?
No, the Guaranteed Asset Protection Waiver does not require notarization, making it easier to complete and submit.
What common mistakes should I avoid when completing the waiver?
Ensure all fields are accurately filled, avoid leaving blank spaces, and double-check signatures from both parties to prevent delays.
How is the Guaranteed Asset Protection Waiver submitted?
The waiver can be submitted through pdfFiller after completion, or you can download it and submit it to the relevant financial institution or dealer.
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