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GAP

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.

Lender Benefits

  • Reduced credit and loan losses
  • Valuable service to borrower
  • Fee income opportunities
  • Increased borrower satisfaction
  • Easy administration and claim filing

Borrower Benefits

  • Limited out-of-pocket expense in the event of a total loss
  • The borrower’s credit rating is protected
  • Prevents financial hardship
  • Purchase of a replacement vehicle is more affordable

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.