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GAP Coverage
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A vehicle's value often declines much
faster than a loan or lease balance. If a borrower's car becomes a total loss
due to an accident or unrecovered theft, he or she may be in for a very
unpleasant surprise.
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The insurance settlement check can be
several thousand dollars less than the remaining loan/lease balance. This
deficiency balance is often very difficult to collect for the lender as well.
That's when GAP coverage can help.
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Guaranteed Asset Protection - Gap Insurance
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- Covers deficiency balance after a vehicle sustains a total Physical Damage loss or Unrecovered Theft.
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- Pays the difference between Net Unpaid Balance and the Primary Insurance Company's ACV settlement.
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- Programs for loans, leases and balloon notes
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- Covers both new & used vehicles
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- High limits, up to $50,000 per loss
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- Flexible rating methods: monthly outstanding balance; flat charge; annual or monthly per vehicle rate.
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- Can be offered on a selective (you choose the loan or lease) or discounted "blanket" basis
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- Optional Coverages:
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Borrower deductible ($500 or $1,000 limits)
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Payment in excess of Gap ($1,000 or higher)
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At Southeastern Underwriters, Inc., we have spent a considerable amount of time developing an industry
leading On Line Gap Administration Program that is extremely simple, efficient, and easy to use for the
lending officers. At the same time you will find it to be a flexible and powerful for your operational department
needs. For more information or an on line demonstration email us at
GAPADMINISTRATOR@SEUNDER.COM or call toll free 866-266-7205. To submit an application
for the program, click “Fill out a GAP Application” on the menu on the left, complete the on line application
and a representative will contact you shortly. You also may select “Print a Blank GAP Application”
to print, complete, and fax the application to 1-866-865-6914.
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