Gap contract amendment 2025

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  1. Click ‘Get Form’ to open the gap contract amendment in the editor.
  2. Begin by entering the Amendment Number at the top of the form. This is essential for tracking your specific amendment.
  3. Fill out the Information Schedule section, including details about the Vehicle such as VIN, Make, Model, Year, and Odometer reading.
  4. Provide customer information by entering Buyer and Co-Buyer names, addresses, telephone numbers, and email addresses in the designated fields.
  5. Complete the Dealer section with relevant dealer information including name, address, and contact details.
  6. In the Contract Information section, specify the type of contract (Retail Installment Sales or Lease), along with dates and financial details like Amount Financed and GAP charge.
  7. Review all sections carefully to ensure accuracy before signing. Both you and the dealer must acknowledge understanding of GAP coverage terms.

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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.
Both amendments and addendums must be signed by all parties to be legally enforceable and should be clearly attached to the original contract to preserve the documents integrity and avoid any potential disputes.
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.
If your new car is totaled or stolen and you owe more on it than its current worth, the gap coverage covers the difference. The cost of gap insurance is fairly low, and it is easy to obtain, so theres no real reason NOT to have it.
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