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GAP Insurance GAP Program Application for Coverage Loans

GAP Insurance GAP Program Application for Coverage Loans 2026

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The document is an application for GAP (Guaranteed Asset Protection) insurance coverage specifically for loans, detailing lender and dealer information, loan/lease specifics, and credit quality metrics. It includes questions about anticipated sales, transaction details, previous GAP program experience, and the capability to submit business electronically. The application emphasizes that signing does not bind any party to provide insurance and warns against fraudulent information.

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Click ‘Get Form’ to open the GAP Insurance GAP Program Application for Coverage Loans in our editor.
Begin by filling out the Lender/Dealer Information section. Enter the Named Insured, Street Address, City/State/Zip, Contact Name, Phone, and Fax.
Proceed to the General Information section. Indicate the number of loans anticipated in the next 12 months and provide a breakdown of collateral type distribution for autos/trucks and other vehicles.
Complete the Credit Quality section by selecting the percentage of your sales/lending base that falls into specified interest rate categories.
In the Loan/Lease Information section, provide details about transactions where advances exceed 120% of MSRP or NADA Retail Book and average loan amounts.
Answer questions regarding previous GAP programs and any specialization in vehicle types. Ensure all required disclosures are acknowledged.
Finally, sign and date the application at the bottom before submitting it electronically through our platform.

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Got questions?

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

Does gap insurance give you your down payment back?

Gap insurance will only cover what is left on your loan after an insurance company pays out. In other words, no, it wont cover the down payment you made initially because it wasnt part of the loan amount.

What does gap insurance on a loan cover?

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.

Does gap insurance pay you money?

When your loan amount is more than your vehicle is worth, gap insurance coverage pays the difference. For example, if you owe $25,000 on your loan and your car is only worth $20,000, your gap coverage covers the $5,000 gap, minus your deductible.

Do you get money back from Gap?

You can cancel gap insurance and request a refund if you sell or trade in your car, want to change insurance companies or no longer owe more on your loan than your car is worth. If your leased or financed car is totaled, your insurance pays out its actual cash valuewhich could be less than you owe on your loan.

Do I get money from gap insurance?

You can check your current car insurance policy or the terms of your lease or loan to see if you have gap insurance. This type of coverage is usually offered as optional coverage by insurers or as an extra add-on by dealers, so its a good idea to find out if you already have gap insurance before you add more coverage.

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