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.

Insurance 76

Insurance Gap Insurance Sales Finance 76

AutoSuccessOnline

SEPTEMBER 6, 2024

Let’s explore the factors driving inflation in the automotive market and discuss strategies for dealers to support their customers through these difficult economic conditions. Higher rates lead to increased monthly payments, making vehicle financing more challenging. Interest Rates : Interest rates for auto loans have risen sharply.

Gap Insurance 98

Gap Insurance Insurance Repairing Finance 98

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.

Gap Insurance 65

Gap Insurance Insurance Finance Customer 65

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).

Spread 116

Spread Insurance Gap Insurance Finance 116

Autocar

JUNE 28, 2024

Assuming a stockpile of spare parts and body panels existed to support production, it’s possible that they might be offered to the market by a third party if Fisker cannot be saved. A drop in the Ocean A PCP is the safest way to finance an Ocean, given that it guarantees a vehicle’s future value. We continue to monitor the situation.”

Insurance 133

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.

Addendum 119

Addendum Gap Insurance Finance Pre-Qualify 119

Shawn Ryder

JANUARY 17, 2025

Understanding Negative Equity Negative equity, also referred to as being “upside down” on your loan, occurs when the amount you owe on your vehicle exceeds its current fair market value. Low Down Payment: A smaller down payment increases the likelihood of negative equity, particularly when combined with quick-loan financing.

Down Payment 52

Down Payment Gap Insurance Fair Market Value Insurance 52

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.

Gap Insurance 52

Gap Insurance Insurance Lease Payment Lessee 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.

Prepayment Penalties 52

Prepayment Penalties Gap Insurance Down Payment Banking 52

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). The demographic breakdown of purchasers provides further insights into the market.

Gap Insurance 52

Gap Insurance Sales Insurance Demographic 52

Turbo Marketing Solutions

JUNE 13, 2024

Content marketing, when wielded correctly, has a knack for luring in potential customers for car dealerships. Car dealerships can utilize content marketing by creating helpful and informative blog posts, videos showcasing vehicles, and engaging with potential customers on social media. Now, let's talk more about lead generation.

Dealerships 52

Dealerships Sales Marketing Insurance 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?

Gap Insurance 52

Gap Insurance Repairing Modification Lessee 52