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PPI Guaranteed Asset Protection (GAP) Addendum to Retail Installment Sales ContractAPPIGW Last 8 of VIN The Buyer hereby agrees to purchase an PPI Guaranteed Asset Protection (GAP) Contract. This
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APPI Guaranteed Asset Protection is a financial product designed to cover the difference between the actual cash value of a vehicle and the outstanding balance on a car loan or lease in the event of a total loss.
Typically, lenders or leasing companies who offer financing options for vehicles may require borrowers to file for APPI Guaranteed Asset Protection.
To fill out APPI Guaranteed Asset Protection, gather relevant documentation such as vehicle and loan information, complete the application form provided by your lender or insurance company, and submit it along with any required fees.
The purpose of APPI Guaranteed Asset Protection is to protect borrowers from financial loss due to the gap between their vehicle's actual cash value and the remaining loan balance in case of a total loss event.
Information that must be reported includes the vehicle identification number (VIN), loan amount, vehicle purchase price, date of loan origination, and the amount of any down payment.
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