Gap addendum 2025

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The document is a Guaranteed Automobile Protection (GAP) Addendum that outlines the terms and conditions for GAP coverage related to vehicle financing. It details the responsibilities of the customer/borrower, including maintaining insurance, notifying the lender of any claims, and the process for cancellation and refunds. The addendum specifies eligibility limits, exclusions, and procedures in case of a total loss of the covered vehicle. It also includes arbitration clauses and state-specific provisions.

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Click ‘Get Form’ to open the gap addendum in the editor.
Begin by filling out the 'Covered Vehicle Information' section. Enter details such as the Make, Model, Mileage, and VIN#. Ensure that you also input the MSRP and Inception Date accurately.
Next, complete the 'Dealer/Creditor Information' section. Provide the Dealer/Creditor's name, policy number, phone number, and address including city, state, and zip code.
Proceed to fill in the 'Financial Institution/Lender Information'. Include their name, policy number, phone number, and address details.
In the 'Customer/Borrower Information' section, enter your name and contact details. Make sure all information is correct for processing.
Finally, review all sections for accuracy before signing. Use our platform’s features to save or share your completed form as needed.

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2013	4.8 Satisfied (66 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the gap addendum cost?

To sum up, GAP insurance costs between $20 and $100 per year. The price varies based on factors like your vehicles value, loan amount, insurance provider, etc. If you buy it from a lender or car dealer, the cost can rise to about $400 to $700.

Why didnt gap pay off my car?

Gap insurance wont pay if you dont have comprehensive or collision coverage on your car. These coverages are required for GAP insurance to apply in the event of total loss. If your car is stolen or totaled and you dont have the right coverage, gap insurance wont cover the remaining loan balance.

What is a gap addendum for a car?

GAP is an optional product that is intended to cover the difference between the amount you owe on your auto loan and the amount the insurance company pays if your car is stolen or totaled. Standard auto insurance only pays an amount up to the value of your vehicle.

What is a gap amendment?

A gap waiver, also known as a gap addendum, is a supplement that you can add to your auto loan or lease. A gap waiver is a debt cancellation agreement which absolves you from paying the difference between what you owe on the vehicle and what its worth if the vehicle is declared a total loss.

What is a gap contract amendment?

GAP (which stands for guaranteed asset protection) is either an addendum that amends your financing agreement or a separate insurance policy that accomplishes the same purpose.

gap waiver addendum

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What does a gap contract do?

Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry. GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing.