GAP & Depreciation Coverage: What Sets Them Apart?

Egg Carton One White Egg

You’re all about protecting members. Whether it’s through ensuring they have a low-rate and forgiving credit card or a secure savings account, their success is your goal. Just like you help them towards financial empowerment, loan protection is another important strategy. In this article, we will identify and explain the…

read more

7 Red Flags For GAP You Need to Know

Mario and Bowser Carts Crash

Your GAP program seems fine. Members buy it when financing. Claims get paid. What else is there to know? That’s what we thought, too. Then we saw some fluttering in the wind. Flags. Bright red ones. 7, in fact. This article will fly these 7 GAP Red Flags high for…

read more

GAP Claims & Sales Tax: Challenges for Borrowers and Institution

Sales Tax Road Sign

Keep GAP simple. In a total loss, GAP helps pay the difference between the primary insurer’s settlement and any outstanding loan balance. Insurers normally pay the Actual Cash Value (ACV) or Fair Market Value (FMV) of the vehicle the moment just prior to the incident. There, done. Why does this…

read more

Auto Product Refund Liability: Is Your Institution Exposed?

Loan Application with Approved Stamp

Something else to be worried about? Why not? It’s not like you have enough on your plate already. In truth, the emerging risk shouldn’t surprise the banking industry. You’re already used to addressing NSF and OD fee class-action suits, ADA legal action, and, oh yeah, the ongoing effects of COVID-19….

read more