Guaranteed Auto Protection (GAP)
This product offers multiple benefits to the borrower, the lender, and the auto dealer. GAP will pay the difference in the gap between the outstanding loan balance and the borrower insurance settlement when the vehicle is totaled. The lender is able to take more risk on high LTV loans if GAP is purchased by borrowers who are “tipped in the trade”.
Miniter will customize a private label GAP program to meet specific lender’s business and IT requirements.