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GAP – Premier GAP Waiver

Premier offers a GAP Debt Waiver to all auto, RV, watercraft and powersport dealers. GAP offers protection if your customer sustains a total loss of their financed vehicle. The Premier GAP and Premier GAP Ultra programs cover your customer’s liability for the difference between the outstanding balance on their vehicle finance or lease agreement, and the settlement amount paid by the customer’s primary insurance carrier.

Primary Benefits

  • Excellent income opportunity for your dealership
  • Increased customer satisfaction and loyalty with more repeat business, resulting in higher automobile sales
  • Allows dealership exploration of different financing options

Customer Benefits

  • Protection against out-of-pocket expenses due to a total loss
  • Reimbursement for insurance deductible (in most states)
  • Ability to cancel the agreement at any time prior to experiencing a total loss

Underwriting Guidelines

  • The maximum amount financed cannot exceed $125,000 or 150% of the MSRP or NADA retail value
  • The term of the finance contract cannot exceed 84 months
  • The maximum amount payable under the GAP policy is $100,000
  • The vehicle cannot be older than 10 model years
  • Excludes commercial use

NOTE: Please see a copy of the Insurance policy and producer agreement for a complete list of underwriting guidelines, terms, conditions, exclusions and limits of liability. Restrictions may apply. Product availability may vary by state or country. For state availability please check with PDS Sales Support.

Premier offers debt waiver products in all states deemed “debt waiver” except New York and Washington, D.C. Most Premier GAP debt waiver programs have Ultra and Standard benefit levels available.