AutoSuccessOnline

NOVEMBER 1, 2024

This initiative has significant implications for Guaranteed Asset Protection (GAP) insurance and other aftermarket products commonly sold alongside vehicle purchases. In the automotive sector, this scrutiny has extended to GAP insurance and various aftermarket products.

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Shawn Ryder

JANUARY 21, 2024

What is GAP Insurance? If you’re thinking about buying a car, you may have come across the term “GAP Insurance” But what exactly is it? This is where GAP Insurance comes in. GAP stands for Guaranteed Asset Protection. Why Do You Need GAP Insurance?

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Gap Insurance Insurance Finance Term 52

Motor Trader

APRIL 2, 2024

The Financial Conduct Authority is looking at historical arrangements for motor finance commission while taking a separate look at the GAP insurance market. This story continues at MT spotlight on motor finance Or just read more coverage at Motor Trader In 2021, the FCA banned.

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Finance Gap Insurance Insurance Customer 59

Motor Trader

FEBRUARY 9, 2024

GAP insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance, following a request from the FCA. The finance regulator said the firms which have agreed to this action account for 80% of the GAP market. GAP has been under the spotlight for some time.

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AutoSuccessOnline

SEPTEMBER 6, 2024

Higher rates lead to increased monthly payments, making vehicle financing more challenging. Guaranteed Asset Protection (GAP) Insurance : GAP insurance is essential in an inflationary environment. Consumers are holding onto their cars longer, reducing the availability of used vehicles for sale. for used car loans.

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Motor Trader

AUGUST 22, 2024

The FCA has renewed its call for Gap providers to ensure they demonstrate “fair value and good customer” outcomes In February, the FCA agreed a pause in the sale of guaranteed asset protection (GAP) insurance with a number of firms, following concerns the products were not offering fair value.

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Autocar

NOVEMBER 18, 2024

The lower-margin business of new car sales has traditionally been supplemented by aftersales, finance and insurance Dealers are facing a profit-margin squeeze from the double whammy of the transition to EVs threatening their lucrative aftersales business and a legal clampdown curtailing profitable commissions for selling finance and insurance (F&I).

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Insurance Gap Insurance Spread Finance 116

Autocar

JUNE 28, 2024

A drop in the Ocean A PCP is the safest way to finance an Ocean, given that it guarantees a vehicle’s future value. Patel is financing his car on a PCP so feels he’s in a better position than those who bought their cars outright. We continue to monitor the situation.” Now he is wondering if that might be the last.

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Insurance Gap Insurance Repairing Finance 133

Carscoops

MAY 26, 2024

Had the original poster signed up for the deal with $2,000 down and the dealer-offered financing they’d end up paying over $26,000 for a car that is currently listed online for $12,995. Registration fees, any finance charges, any dealer documentation fees, any emissions testing fees and government fees are not included in quoted price.

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Addendum Gap Insurance Finance Pre-Qualify 119

Shawn Ryder

JANUARY 18, 2025

Understanding the interplay between leasing and gap coverage is crucial to preventing potential financial setbacks in the unfortunate event of a total loss. Leasing can come with lower monthly payments compared to financing, making it an attractive option for many consumers. This is where gap insurance comes into play.

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Gap Insurance Insurance Lease Payment Lessee 52

Shawn Ryder

JANUARY 17, 2025

Low Down Payment: A smaller down payment increases the likelihood of negative equity, particularly when combined with quick-loan financing. Understanding how negative equity can develop is crucial in deciding how to handle it when purchasing your next vehicle, whether to enhance your current finances or to invest in a newer model.

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Down Payment Gap Insurance Fair Market Value Insurance 52

Shawn Ryder

JANUARY 17, 2025

If youve filled out a credit application thinking about financing but later decided to purchase the vehicle with cash, you may wonder whether youve made a mistake. Common Situations for Prepayment Penalties: They are more frequently seen in mortgages or personal loans but can occasionally affect automobile financing.

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Prepayment Penalties Gap Insurance Down Payment Banking 52

Shawn Ryder

MARCH 12, 2024

Understanding the various fees, financing options, and scrutinizing the fine print can make a significant difference in the outcome of a car deal. Financing Fundamentals Loan Approval Process If you’re considering financing a car purchase, understanding the loan approval process is crucial.

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Finance Deal Gap Insurance Extended Warranty 40

Shawn Ryder

FEBRUARY 7, 2024

F&I (Finance and Insurance) A department within a dealership responsible for arranging financing and insurance for customers purchasing vehicles. The F&I manager will also offer additional products such as extended warranties and GAP insurance.

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Canadian Auto Dealer

MARCH 30, 2024

To confidently present finance and insurance products, business managers must be well-versed in the intricacies of extended warranties, GAP insurance and more. Product knowledge is power here. But it doesn’t stop there. F&I managers are negotiators extraordinaire.

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Gap Insurance Extended Warranty Insurance Finance 52

Shawn Ryder

JANUARY 17, 2025

Buying: Purchasing a car involves paying the full sales price (or financing it) to own the vehicle outright. Flexible Budgeting: This advantage can be particularly appealing for budget-conscious consumers looking for quality vehicles without stretching finances. Making the Decision: Lease or Buy?

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Canadian Auto Dealer

JUNE 3, 2024

Overwhelm your customers and they buy less A December 2023 white paper by CDK Global sheds light on some evolving dynamics in automotive, particularly in the world of Finance and Insurance (F&I departments). Getting the approach just right is what counts in the F&I office.

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Autosoft

APRIL 11, 2024

Reading Time: 5 minutes 10 Ways to Unleash the Potential of Your Dealership’s F&I Department April 11, 2024 Within automotive sales, the Finance and Insurance (F&I) department holds a crucial position, impacting both profitability and customer satisfaction.

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Autosoft

MARCH 25, 2024

Unleashing the Potential of Your Dealership’s F&I Department March 25, 2024 Bryce Veon 7 mins read Within automotive sales, the Finance and Insurance (F&I) department holds a crucial position, impacting both profitability and customer satisfaction.

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Turbo Marketing Solutions

JUNE 13, 2024

Financing and Insurance Guidance Purchasing a vehicle involves not only choosing the right car but also understanding the financial aspects and insurance considerations. When customers feel confident about their financing options, they are more likely to consider your dealership for their vehicle purchase.

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Canadian Auto Dealer

MARCH 1, 2024

EVs typically come with price tags that are thousands of dollars more than traditional vehicles, and this price increase could translate into more opportunity to pick up lender finance reserves. Similarly, the advanced technology and higher cost of EVs creates greater opportunity for products like GAP protection.

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Autocar

NOVEMBER 11, 2024

Commissions paid unknowingly by customers have accounted for large chunks of profits for dealers, which have teams dedicated to growing revenue from finance and insurance deals, or ‘F&I’ (including GAP insurance). The figures, which included its US operations, show that finance and insurance generated 3.1%

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