Installment Sales Contract/Loan GAP Waiver Addendum ... 2025

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The document is an Installment Sales Contract/Loan GAP Waiver Addendum Election Form, which outlines the terms and conditions for a Guaranteed Asset Protection (GAP) waiver. It explains that by electing the GAP waiver, the borrower can avoid liability for the difference between their insurance payout and the remaining loan balance in case of a total loss of the vehicle. The document details eligibility requirements, exclusions, cancellation policies, and definitions related to the GAP waiver. It emphasizes that purchasing this waiver is voluntary and not a substitute for insurance.

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What is a gap contract amendment?

Without gap insurance, your car insurance company is not concerned about the outstanding balance on your auto loan. If youre planning on financing most or all of your vehicle purchase, gap insurance could be an important safeguard.

What is a gap waiver addendum?

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.

How do you use a gap waiver?

A GAP waiver helps protect you from financial issues if something happens to your car like total loss or theft. You apply this document to your auto loan. In most cases, these waivers come directly from your lender and are rolled into your loan payment.

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.

Is a gap waiver good?

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.