Guaranteed Asset Protection (GAP)

GAP coverage is one the most important products available to vehicle purchasers. And since enrollment is only an option at the time of financing the original contract, it’s imperative to get the sale when the customer purchases the vehicle. Omega AutoCare’s GAP product offers underwriting profit to the dealer, has terms up to 96 months and an MSRP of 150%. It’s simple to market and finance companies want to have it their loans.

Most vehicle owners believe that if their vehicle gets totaled, it’ll be replaced at the amount they paid or at least the amount they still owe on their loan, but of course, this isn’t the case. More often than not, especially in the first half of the loan re-payment, the vehicle owner has no equity in their vehicle. When vehicle loans include mark-ups. interest, tax and doc/title fees, the GAP is even bigger.

The good news is that in the event a total loss occurs, Omega’s GAP will pay the difference for them. protect their hard-earned credit status and prevent unnecessary financial hardship. The last thing your customer needs is to buy a replacement vehicle while continuing to make payments on their totaled vehicle.

Once your customers see how beneficial GAP is and how of an effect it has on their loan, it will be the easiest aftermarket product to sell. Even better is the impressive income it generates.

PROGRAM DETAILS

FULLY INSURED TRUE DOLLAR ONE COVERAGE
MAXIMUM GAP BENEFIT $100,000
MAXIMUM LOAN AMOUNT $100,000
MAXIMUM LOAN TERM 96 MONTHS
MSRP/NADA LIMT 150% MSRP
CLAIMS SETTLEMENT PRIMARY CARRIER SETTLEMENT
DEDUCTIBLE COVERAGE $1,000 (IF ALLOWED BY LAW)
CUSTOMER CANCELLATION FEE $50.00 (WHERE ALLOWED BY STATE LAW OR LENDER)

PROGRAM EXCLUSIONS

FULLY INSURED TRUE DOLLAR ONE COVERAGE
RVS, MARINE, POWERSPORTS OR MOTORCYCLES
COMMERCIAL VEHICLES
SALVAGE VEHICLES
NON-UNIFORM PAYMENTS/SELF-FUNDED LOANS
BALLOON LOANS SOLD AFTER DATE OF SAE
Excluded coverage: Daewoo, Bentley, Lamborghini, Lotus, Maserati, Ferrari, Rolls Royce, Yugo, Aston Martin, RVs, watercraft (boats), ATVs, snowmobiles, motorcycles, trailers and commercial vehicles
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