GAP
How much in percentage does a car depreciates per year?
20%
What is the maximum mileage for most vehicles?
150,000 miles
What are the three events that cancels the full balance up to the benefit maximums?
Loss of life, accidental dismemberment, and terminal illness.
These vehicles are not eligible for GAP
Comercial vehicles, salvaged or rebuilt title, classic, vehicles used to carry passengers for hire (taxis, cabs, limos, Lyft/Uber)
What are some factors that can cause negative equity on a vehicle?
Long loan term, previous debt, adding extended warranty, high interest, skipping payments, sold higher that what it's worth, miles, no down payment
What are the deductible options for MRC?
$0, $100, $250, and $500
What are the three events that cancels the monthly payment up to the benefit maximums?
Family medical leave, hospitalization, loss of life of a non-protected dependent.
Name one loan that PSP is not available for
Payroll Savings Loan, Single Pay Certificate Loan, Classroom Supplies Loan, Uniform/Wardrobe Loan
How much is the maximum GAP benefit?
$50,000
Mention a plan feature from MRC
24 hr. road side assistance, emergency travel expense, and rental reimbursement
How many payments or cash does involuntary protection protects?
6 moths or $3,000 whichever occurs first.
True OR False
Normal maintenance services and parts are included in MRC
False
What is the maximum loan/lease amount to add GAP?
$100,000
Is a vehicle eligible for MRC If it was paid in full prior to the merge date with Schools Financial?
Yes
What is the protected payment on a credit card?
The minimum protected payment is $200 or the minimum monthly credit card payment
When does a PSP coverage terminates?
Coverage terminates on the date Member loan payment is 90 days delinquent and is not automatically restored once the loan is paid current
How long do you have to file a claim after an accident?
There is no required time frame to file a Gap claim
How much is the fee if you sell your vehicle and transfer MRC coverage?
$50
What is the RG(s) to make changes to PSP?
RG: SA or RG: CLL
Fill in the blank
If auto repairs cost more than the Member's primary insurance deductible…
The deductible amount is applied to the loan as a principle payment, reducing what is owed.