The moment your borrower drives their new car off the lot, it’s worth less. Sometimes, a lot less. For this scenario, your financial institution knows to offer GAP coverage as protection. What about safeguarding against other risks? You’re thinking Debt Cancellation or Suspension Contracts, of which GAP is a cousin….
GAP is a valuable and popular loan protection product. It helps reduce loan portfolio risk, while protecting auto loan borrowers. At the same time, it helps provide peace of mind. However, sloppy marketing and sales tactics can get you in some real trouble. And facing a hefty fine. Let’s make…
What is Depreciation Coverage? A Review. The “everyone can understand” version: Depreciation coverage covers part or all of the loss in value of your car from depreciation in the event of it getting totaled. Here’s the more detailed and “jargon-y” description: Depreciation coverage is an insurance-backed product protecting both the…
