Gap Advantage
True or False with gap advantage the new loan does not need to be "New collateral" to the member
False
True or False Only the primary borrower is eligible for the ADR benefit.
True
True or False Gap covers up to 150% of clean loan value of the vehicle
False, 150% of J.D. Power Retail
What types of collateral are eligible for Gap Advantage?
Any collateral eligible for Gap
Member has Gap on their 2015 Harley. The Harley would be covered for an ADR Claim? yes or no
No, only passenger vehicles are eligible for ADR claims.
Gap covers all of the following except...
A. 1995 Gmc Jimmy with 240,000 miles
B. Rebuilt Title
C. Balloon Loans
D. B and C
D
Yes or No Does the new collateral need to be the same type as the total loss vehicle?
Yes, The replacement collateral should be "like" the total loss collateral.
3
True or False Your member has gap on their primary automobile which they use for Uber on the weekends. Their vehicle is covered for gap.
While commercial vehicles are not covered... Uber and Lyft are not considered commercial.
Where is the $1000 posted when the claim is paid?
The $1000 will be posted to the deficiency balance of the old loan and any remaining will be posted to the checking or savings.
ADR will reimburse your auto deductible up to _______ per loss and _________ losses per year.
$500 per loss and unlimited losses per year
The max coverage term for gap is ________ months.
84
How long does the member have to finance a new vehicle with marine Credit Union after experiencing a total loss?
Within 90 days of the loss
A member has a $2000 deductible and they had a claim for $1500. The ADR benefit will only pay $500 max benefit in this situation. yes or no
no, the claim needs to exceed their deductible
with gap, the max loan term for Boats, Motorhomes, and travel trailers is ______ months and the max loan amount is ________.
240 months and $125,000