Motor Trader

JULY 24, 2024

His return will include filling the gap left by traditional GAP insurance by providing dealers with the knowledge to inform their comprehensive warranty plans. Duxbury began his career at Warrantywise as a dealer account manager and eventually a field sales manager.

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Gap Insurance Sales Insurance Management 105

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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Gap Insurance Insurance Finance Customer 64

Carscoops

JANUARY 9, 2025

It’s generally not advisable to put cash down on a lease because GAP insurance will only cover the remaining balance and not the downpayment if the car is totaled or stolen. Buyers can lease the ID.4 4 for just $149 per month for 24 months, with $999 due at signing. Factor in that $999, and leasing an ID.4

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APR Gap Insurance Finance Deal 98

AutoSuccessOnline

SEPTEMBER 6, 2024

Guaranteed Asset Protection (GAP) Insurance : GAP insurance is essential in an inflationary environment. It covers the difference between the vehicle’s actual cash value and the remaining loan balance in case of total loss, protecting consumers from financial gaps due to fluctuating vehicle values.

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Gap Insurance Repairing Insurance Finance 98

Carscoops

MAY 14, 2024

She claims that Progressive and USAA have harmed automakers by lowering the market value of their used vehicles, repair shops that miss out on work, car loan institutions whose customers cannot pay their loans after being underpaid, and gap insurance providers, who must make up the difference between an outstanding loan and an undervalued amount.

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Insurance Gap Insurance Repairing Customer 111

Carscoops

OCTOBER 15, 2024

If the vehicle is totaled or stolen, GAP insurance will cover the remaining balance, meaning you won’t owe anything—but you’ll never see that down payment again. The lease applies to the base Ariya Engage FWD, and while the advertised price is $99 per month for 36 months, that’s with a $3,329 is due at signing.

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Down Payment Gap Insurance Deal Insurance 111

AutoSuccessOnline

AUGUST 12, 2024

Traditionally, F&I products such as Guaranteed Asset Protection (GAP) insurance, ancillary products and vehicle service contracts have been tailored to the needs of gasoline-powered vehicles. GAP Insurance: Depreciation is an inevitable reality of vehicle ownership, and gasoline and hybrid-powered vehicles are no exception.

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Gap Insurance Insurance Dealerships Repairing 73

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.

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Finance Gap Insurance Insurance Customer 59

Shawn Ryder

JANUARY 17, 2025

Consider Additional Insurance Options Additional insurance options, such as GAP insurance, can offer peace of mind: What is GAP Insurance? This type of insurance covers the gap between the amount you owe on your loan and the actual cash value of your vehicle in the event it is totaled.

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Down Payment Gap Insurance Fair Market Value Finance 52

Shawn Ryder

JANUARY 17, 2025

Understanding Insurance Options Don’t forget to consider insurance, as it can impact your vehicle financing: GAP Insurance: If you end up financing, GAP insurance can protect against negative equity by covering the difference between what you owe and the vehicles value in the event its totaled.

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Prepayment Penalties Gap Insurance Finance Banking 52

Autocar

JUNE 28, 2024

Assuming a provider would consider it, taking out GAP insurance to cover any shortfall between what an insurer is prepared to pay for an Ocean in the event that it is written off – highly likely in the circumstances – and what it cost would seem sensible. We continue to monitor the situation.”

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Insurance Gap Insurance Finance Repairing 123

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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Gap Insurance Insurance Finance Automotive 52

Car Examer

NOVEMBER 2, 2024

Gap Insurance Gap insurance covers the “gap” between your car’s insurance payout and the remaining loan balance if your car is written off or stolen. Residual Value Residual value is the estimated worth of a car at the end of a lease or PCP term.

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Balloon Payment Term Dealerships Mileage Limit 59

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. It’s often used as a starting point for negotiations.

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Motor Trader

OCTOBER 14, 2024

From November, every customer who leases a vehicle with Select will automatically receive 30 days free GAP Insurance. Alloy Insurance begins at £6.50 per month and covers the cost of repairs to damaged rims.

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Gap Insurance Insurance Repairing Customer 59

Autocar

NOVEMBER 18, 2024

Earlier this year, the FCA also cracked down on guaranteed asset protection (GAP) insurance from which dealers also took a commission for selling to car buyers. Some firms were paying out as much as 70% of the value of insurance premiums in commissions, the FCA found.

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Carscoops

MAY 26, 2024

. “When submitting my application online, the out the door number was $32,207 with GAP. However, when I got the buyers order, the out the door number was $34,488.80, without GAP insurance. With a $2,500 down payment, I was only planning on financing $29,707.

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Addendum Finance Pre-Qualify Gap Insurance 119

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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Finance Gap Insurance Banking Insurance 59

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 Management 52

Canadian Auto Dealer

JUNE 3, 2024

Instead, the data suggests that they prioritize immediate, practical benefits such as theft protection and GAP insurance with 23 per cent and 26 per cent of Gen Z buyers choosing these options, respectively. This shift highlights a trend towards more immediate, value-driven purchasing decisions.

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Sales Gap Insurance Demographic Insurance 52

Shawn Ryder

JANUARY 17, 2025

For further insights on financial decisions related to car ownership, explore our articles on GAP insurance considerations and the importance of financial literacy in car buying. Determine what aligns best with your needs and budget and proceed accordingly.

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Repairing Finance Gap Insurance Modification 52

Autosoft

APRIL 11, 2024

From extended warranties to gap insurance, providing a comprehensive range allows customers to customize their purchases. Optimize Product Offerings A crucial aspect of F&I’s success involves offering a diverse array of products tailored to meet customers’ varying needs.

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Insurance Dealerships Finance Gap Insurance 52

Autosoft

MARCH 25, 2024

From extended warranties to gap insurance, providing a comprehensive range allows customers to customize their purchases. Optimize Product Offerings A crucial aspect of F&I’s success involves offering a diverse array of products tailored to meet customers’ varying needs.

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Insurance Finance Dealerships Gap Insurance 52

AutoSuccessOnline

OCTOBER 30, 2024

These products, which include vehicle service contracts, GAP insurance, maintenance plans and ancillary coverage, such as tire and wheel , can provide valuable financial safeguards for consumers while also creating additional revenue streams for dealers.

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Term Customer Gap Insurance Repairing 40

Shawn Ryder

MARCH 12, 2024

These additional products can include extended warranties, maintenance plans, GAP insurance, and more. Service Contracts and Add-Ons Coverage for service contracts and add-ons is another crucial aspect of the fine print that car buyers should pay close attention to.

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Finance Deal Gap Insurance Extended Warranty 40

Turbo Marketing Solutions

JUNE 13, 2024

Furthermore, addressing common questions such as the benefits of extended warranties or gap insurance through informative content can empower potential buyers to make well-informed decisions while building trust in your dealership's expertise.

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Canadian Auto Dealer

MARCH 1, 2024

Similarly, the advanced technology and higher cost of EVs creates greater opportunity for products like GAP protection. With EVs being more expensive to finance and replace, coupled with the cost of their batteries and the plethora of tech they house, GAP insurance becomes a no-brainer.

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Gap Insurance Finance Extended Warranty Insurance 52