Designated Contract GAP Waiver Agreement - GE Credit Union 2025

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  1. Click ‘Get Form’ to open the Designated Contract GAP Waiver Agreement in the editor.
  2. Begin by entering your personal information in the 'Borrower/Debtor/Lessee Name' and 'Mailing Address' fields. Ensure accuracy for effective communication.
  3. Fill in the 'Loan Number' and select whether this is a loan or lease under 'Loan or Lease'. This helps identify your specific agreement.
  4. Provide details about the vehicle, including 'Year/Make/Model' and 'Vehicle ID Number (VIN)'. This information is crucial for processing your waiver.
  5. Indicate the amount financed and the term of your loan or lease in months. This will help clarify your financial obligations.
  6. Choose whether you elect to purchase the GAP Waiver by checking 'YES' or 'NO'. If you choose yes, ensure you understand all terms outlined in the document.
  7. Sign and date where indicated. Remember, your signature confirms your understanding of the waiver's terms and conditions.

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a. The cost of AAA/ACG GAP Waiver is a flat fee of $299 that can be added to your loan principal balance or paid separately in a lump sum. Keep in mind, you will pay interest if you finance the cost of Total Loss Protection into your loan.
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.
Check for GAP Waiver Provision on Your Lease Agreement If youre still unsure if you have gap insurance, the best thing to do is check with your lender or leasing company. Theyll be able to let you know if a GAP Waiver Provision is part of your agreement.
A GAP Waiver, on the other hand, is not insurance per se. Instead, its an agreement that waives your obligation to pay the difference between the settlement and the actual incurred costs. The provider will forgive the difference if specific conditions are met, providing peace of mind and financial protection.