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The document is a GAP Waiver Agreement from Evans, Simpson & Associates, Inc., certifying that the Lessee/Borrower is enrolled for coverage under specific terms and conditions. It outlines the benefits, limitations, and responsibilities associated with the agreement, including coverage for total loss of collateral, maximum liability limits, and cancellation provisions. The agreement emphasizes that it is voluntary and not required for credit approval.

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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.

How do gap contracts 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 does a gap contract mean?

Contractual gaps can be defined in two ways: Firstly, as the ambiguous and/or incomplete manner in which the declarations of intent have been stated. It must be possible to fill this kind of gap by interpretation, which can be done by an in-depth inquiry into the parties true intent.

What is a contract gap?

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 gaps agreement?

a guaranteed asset protection contract; this is a contract of insurance covering a policyholder, in the event of total loss to a vehicle, against the difference between: (a) the amount claimed under the policyholders vehicle policy in respect of that loss; and.

Is a gap addendum worth it?

Yes, in some cases you may want gap insurance in addition to full coverage car insurance. If you owe more on your vehicle than it is worth, gap insurance covers the difference if the vehicle is totaled. Additionally, usually lenders and lessors require it.

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.

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