TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum - Election Form 2011 free printable template

Installment Sales Contract / Loan GAP Waiver Addendum Election Form Effective Date: 08/27/2012 Borrower/Debtor Name: Address: CHRISTOPHER HORN Loan Officer: Sauna Ross 5105 FAIRBANKS City, State,

How to fill out TX Installment Sales ContractLoanLease GAP Waiver

How to fill out TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum

1. Begin by collecting all necessary information such as buyer and seller details.
2. Identify the specifics of the installment sale, including the property or item being sold.
3. Fill out the terms of the loan or lease, specifying the amount, interest rate, and repayment schedule.
4. Clearly outline the gap waiver terms, including the coverage amount and conditions.
5. Ensure all parties sign and date the addendum to validate the agreement.
6. Keep a copy of the completed and signed addendum for your records.

Who needs TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum?

1. Individuals or businesses engaged in installment selling of goods or services in Texas.
2. Buyers seeking protection from potential gaps in insurance or coverage during the payment period.
3. Lenders and lessors who want to outline the terms regarding gap insurance in their contracts.

People Also Ask about

What is a gap addendum?

A gap waiver, also known as a gap addendum, is a supplement that you can add to your auto loan or lease. A gap waiver is a debt cancellation agreement which absolves you from paying the difference between what you owe on the vehicle and what it's worth if the vehicle is declared a total loss.

What is the difference between debt cancellation and gap?

Gap protection—which is often referred to as insurance, though it is actually a debt cancellation agreement—is designed to cover this difference between auto value and auto loan. Before you pay for gap protection, though, consider how a gap occurs and how you can close it.

What is Ally Gap addendum?

What is GAP coverage? Guaranteed Asset Protection, or GAP coverage , helps protect a buyer or lessee in the case of total loss. Simply put, it helps bridge the gap between how much is owed for the vehicle and how much the car is worth if it is totaled or stolen.

What does gap mean in insurance terms?

Gap insurance covers the difference between what you owe on your car and what it's worth. You might need it if your car is worth less than what you owe on your car loan.

Is Gap addendum necessary?

California gap insurance is not required by California state law. However, lenders might require it as a condition of the loan or lease.

How much does a gap waiver addendum cost?

Average cost of a GAP waiver Purchasing GAP waivers through a lender at the time of financing or refinancing costs an average one-time fee between $500 and $700.

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What is TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum?

The TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum is a document that provides additional coverage for consumers by waiving the difference between the vehicle's remaining balance and the insurance payout in the event of a total loss.

Who is required to file TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum?

The lender or dealership offering the installment sale contract, loan, or lease is required to file the TEXAS Installment Sales Contract/Loan/Lease GAP Waiver Addendum.

How to fill out TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum?

To fill out the addendum, provide details including the buyer's name, vehicle information, contract number, and specific terms of the GAP waiver, ensuring all required sections are completed accurately.

What is the purpose of TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum?

The purpose of the addendum is to protect the buyer from financial loss in case the vehicle is deemed a total loss, ensuring they aren't liable for the gap between the insurance settlement and the remaining loan balance.

What information must be reported on TX Installment Sales Contract/Loan/Lease GAP Waiver Addendum?

The information that must be reported includes the vehicle identification number (VIN), the purchase price, any down payment, financing terms, insurance details, and the conditions under which the waiver applies.