Gap addendum 2026

See details

4.6 out of 5

66 votes

The document is an Installment Sales Contract and Loan GAP Waiver Addendum Election Form for a vehicle loan. It outlines the terms of a GAP waiver, which protects the borrower from owing a deficiency balance in case of a total loss or theft of the vehicle. The borrower can elect to purchase this waiver for a one-time fee of $325, with conditions for cancellation and exclusions clearly stated. Definitions of key terms related to the waiver are provided, along with instructions for notifying the lender in case of a loss.

Here's how it works

01. Edit your gap addendum online

Type text, add images, blackout confidential details, add comments, highlights and more.

02. Sign it in a few clicks

Draw your signature, type it, upload its image, or use your mobile device as a signature pad.

03. Share your form with others

Send it via email, link, or fax. You can also download it, export it or print it out.

How to use or fill out gap addendum with our platform

Ease of Setup

DocHub User Ratings on G2

Ease of Use

DocHub User Ratings on G2

Click ‘Get Form’ to open the gap addendum in the editor.
Begin by entering the effective date at the top of the form. This is crucial for record-keeping.
Fill in your name and address under 'Borrower/Debtor Name' and 'Address'. Ensure accuracy for correspondence.
Provide details about the lending institution and loan number. This information helps identify your specific loan.
Input vehicle details including year, make, model, and VIN. This section is essential for identifying the collateral.
Indicate whether you elect the GAP waiver by checking 'YES' or 'NO'. Read through the terms carefully before making your choice.
Sign and date where indicated. Ensure both borrower signatures are present if applicable.

Start using our platform today to complete your gap addendum easily and for free!

See more gap addendum versions

We've got more versions of the gap addendum form. Select the right gap addendum version from the list and start editing it straight away!

Versions	Form popularity	Fillable & printable
2023	4.9 Satisfied (53 Votes)
2011	4.6 Satisfied (66 Votes)

be ready to get more

Complete this form in 5 minutes or less

Get form

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.

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.

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 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.

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.

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.

Security and compliance

At DocHub, your data security is our priority. We follow HIPAA, SOC2, GDPR, and other standards, so you can work on your documents with confidence.

Learn more

Related forms

be ready to get more

Complete this form in 5 minutes or less

Get form

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.

Gap addendum 2026

Here's how it works