Gap contract amendment 2025

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The document is an amendment to a Retail Installment Sales Contract or Lease Contract that outlines the terms and conditions for optional Guaranteed Asset Protection (GAP) coverage. It details the responsibilities of the customer regarding GAP, including its optional nature, potential costs, and conditions under which it may be canceled or refunded. The amendment specifies that GAP does not provide insurance coverage and clarifies the process for claims in case of a total loss of the vehicle.

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2012	4.8 Satisfied (135 Votes)

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How does a gap addendum work?

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.

What is the purpose of a gap addendum?

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.

What is a gap contract amendment?

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 is the purpose of the gap insurance?

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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