Many lending institutions are just now beginning to realize the enormous income potential of GAP (Guaranteed Auto Protection) for their lending institution because a large and growing number of consumers now recognize the value of it and ask for the coverage at the time of sale.
GAP covers the difference between the insurance payoff on a borrower’s totaled vehicle and their loan. TEJ Agency carries several products so that GAP may be offered on either an insurance or a Debt Protection basis.
Peace of mind For sales, contracts, tracking and reporting purposes, we offer an Internet Policy Management system and an Internet Loan Calculator.
GAP is an important part of any lender’s risk management program. We have the variety of products and tools to help you implement the perfect GAP program for you and your customers.
AKA: Guaranteed Auto Protection.
Available as either Insurance or Debt Protection.
Difference between insurance payoff of totaled vehicle and outstanding loan balance.
Banks, Credit Unions, Auto Dealers.
Individual coverage.
Retail. Sold by lender at time of loan.
Yes, if Insurance. No, if Debt Protection. License requirements for insurance will vary by state.