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GAP is supposed to cover the loss you would suffer if your loan balance is higher than the value of the vehicle. GAP is one of several optional add-on products such as extended warranties or credit insurance that a dealer will likely offer to you when purchasing or leasing a car.
What is a gap form?
It is a waiver or addendum to the finance contract. GAP is designed to cover the difference (or gap) between what your insurance carrier will pay (what its currently worth) and what you actually owe on the vehicle if it is stolen or if you have an accident and the vehicle is a total loss.
What is gap and how does it work?
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 form for employment?
This form is intended to supplement information obtained through the background check verification for gaps in employment exceeding 90 days that are non-verifiable or due to non-employment. This form will be used to seek an exception in the evaluation of required experience, when required.
What is a gap indemnity form?
An indemnity requested by a title insurance company from either a borrower or a seller to minimize its risk during the time between closing a real estate transaction and the actual recording of the instrument.
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