Mike Johnson & Associates

Insurance Services

GAP Waiver
Debt Cancellation Instrument

What is GAP?

Guaranteed Auto Protection is a Loan Balance Deficiency Waiver designed to eliminate your unpaid loan balance in the event your borrower's vehicle is damaged beyond repair (totaled) or stolen.  The GAP Waiver relieves your borrower of the responsibility for the full loan deficiency balance that is not covered by the proceeds from their primary insurance policy.

Benefits to the Borrower

Eliminates "out of pocket" expense for remaining loan balance after loss settlement.

Helps protect credit rating.

Helps borrower to purchase replacement vehicle

Benefits to Lender

Provides additional coverage of your portfolio.

Provides an additional service to your customers.

Provides fee income.

Convenient online ordering available.