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GAP Advantage
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Legal Jargon
Lenders and GAP
Terms
100

What is GAP?

GAP covers the loan balance that your primary insurance carrier did not cover.

100

What is the price of standard gap?

$525.00

100

Can a member purchase GAP during a refinance

Yes, the GAP would cover the new loan term and balance.

100

Does GAP replace the members Comp & Collision Coverage?

No, GAP is not a substitute for collision or property damage insurance.

100

How long is the GAP Free look?

60 days

200

What is GAP Advantage?

GAP Advantage is an additional $1,000 benefit toward the financing of a replacement vehicle.

200

What is the price for refundable gap?

$725.00

200

Can a member get GAP on a Salvage/Reconstructed titled vehicle?

No. Salvage or reconstructed title vehicles are not eligible for GAP.

200

How should a lender add GAP to an existing loan?

Run the "Add GAP" specfile

200

Why should members get GAP through the credit union as opposed to their insurance company or dealership?

in most cases the cost of GAP through a dealership or insurance company is much higher than what we offer at GreenState.

300

How is GAP Advantage paid (can it be paid as a cash benefit)?

The benefit is paid through UICCU and is applied as a credit to the new loan. It is not paid as a cash benefit to the borrower

300

What is the Maximum amount GAP will pay?

$50,000.00

300

Are vehicles used for businesses eligible for GAP?

If the vehicle is titled under an individual, not a business name it is eligible for GAP

300

What GL should you use when a lender cancels gap within the free look? 

GAP.0

300

Up to how much does GAP Auto Deductible Reimbursement pay out?

Pays up to $500 per loss (unlimited claims for 3 years) when claim is filed and paid with primary insurance carrier.

400

What information/documents are needed for a GAP advantage claim?

Copy of totaled vehicles loan and security agreement.

Copy of new vehicles loan and security agreement

Copy of totaled vehicles Gap contract

Settlement summary from insurance compnay

400

How does a member pay for GAP

GAP is financed through the loan in one lump payment at the time GAP is added to the loan (usually at the beginning).

400

Will the member receive anything in the mail if they purchase GAP?

No, the GAP coverage is defined in the GAP Waiver Addendum or GAP certificate given to the member at time of purchase.

400

What percent of loan to value does gap cover?

Covers up to 150% loan to value

400

What is the maximum loan term Allied will allow for New/used auto loans?

84 months

500

What conditions must be met to use GAP advantage (3)?

  1. There must be a total loss to your vehicle.
  2. You must finance a replacement vehicle with the same institution within 90 days of the date of your primary insurance settlement. 
  3. Must file for the claim for the Advantage within 95 days of the date of your primary insurance settlement.
500

Does GAP cover towing and storage expenses?

No, it does not

500

What is the age limit for GAP

Trick question! As long as a value for the vehicle can be found in the regular NADA publication, it is eligible for GAP.

500

How should a lender remove GAP?

  1. Log into IQQ and cancel the GAP product. 
    • NOTE: If the cancel button is not available then that means its past the 60 day free look and the GAP cannot be cancelled.
  2. Complete the GAP Cancellation Form and email to retail processing so they can refund the premium.
500

What is the maximum loan term Allied will allow for motorcycles, ATV's Jet Ski's, Snowmobiles, Golf Cars, Boats and Travel Trailers?

240 Months