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GAP – RV/Watercraft GAP

Premier RV/Watercraft GAP programs are designed for customers who love the outdoors – and outdoor toys. Your customers can purchase a motorized recreational vehicle, travel trailer, camper or pop-up trailer, boat, personal watercraft, or boat hull, motor or trailer and include the purchase all on the same finance agreement and GAP contract.

This GAP program offers the customer protection if they sustain a total loss of the financed recreational vehicle or watercraft. RV/Watercraft GAP covers the customer’s liability for the difference between the outstanding balance on the 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 from risk related to initial vehicle/watercraft depreciation
  • 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

Covered collateral included on finance agreement: motorized recreational vehicles, travel trailers, camper or pop-up trailers, boats and personal watercrafts, including hulls, motors and trailers.

  • The maximum amount financed is $100,000 for watercraft/$250,000 for RV, or 135% of the MSRP or NADA retail value
  • The term of the finance contract cannot exceed 240 months with coverage provided for the first 84 months
  • The maximum amount payable under the GAP policy is $50,000
  • The vehicle cannot be older than 20 model years
  • Excludes commercial use

NOTE: Please see a copy of the Customer Certificate and Dealer 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.

Watercraft and RV GAP are available in most debt waiver states and many insurance states. We offer the RV/Watercraft programs with the Premier Ultra benefit level only.