Get the free Loan/Lease Balance Deficientcy (Gap) Waiver Election Form
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REGARDING CLAIMS COVERAGE UNDER CPI: Report all claims as soon as possible to our office at 405-755-4571 or 1-800-725-8596. Claims may be reported by the customer or the bank. CLAIM DOCUMENTATION:
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What is loanlease balance deficientcy gap?
The loanlease balance deficiency gap is the difference between the remaining balance on a lease or loan and the current value of the asset being leased or financed.
Who is required to file loanlease balance deficientcy gap?
Financial institutions and companies that provide loans or leases are required to file the loanlease balance deficiency gap.
How to fill out loanlease balance deficientcy gap?
The loanlease balance deficiency gap is typically calculated by subtracting the current value of the asset from the remaining balance on the lease or loan.
What is the purpose of loanlease balance deficientcy gap?
The purpose of the loanlease balance deficiency gap is to assess the financial risk associated with the difference between the loan or lease balance and the value of the asset.
What information must be reported on loanlease balance deficientcy gap?
The report must include details on the remaining balance of the lease or loan, the current value of the asset, and the calculated deficiency gap.
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