Gap addendum 2025

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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.

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

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What is the purpose of a gap addendum?

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 does gap mean in a contract?

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 is a gap contract amendment?

GAP waivers offer cost savings if youre eligible, with no direct premium required, and simplify financial planning by waiving potential debt. However, the cons consist of limited applicability and stricter eligibility requirements, and GAP waivers might not cover all scenarios where you incur additional costs.

Do you ever get money back from gap insurance?

Youll only receive a refund for the GAP insurance that you havent used. For example, if you cancel your policy after three months of coverage, youll only get a refund for the remaining nine months (if you paid for a year of coverage). The amount of your refund is based on how you pay your insurance bill.

What is Gap contract amendment?

The new laws limit the price of GAP waivers, add new disclosure requirements, ban GAP waiver sales in certain instances, and prohibit financing of GAP insurance in auto loans to servicemembers.

Is a gap waiver good?

The appraisal gap clause is a contract that specifies that the buyer will pay the difference between the appraised value and the purchase price if the appraisal comes in lower than the purchase price. Imagine finding your dream home, a property worth one million dollars, but several higher offers are on the table.

Gap addendum 2025

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