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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Shawn Ryder

FEBRUARY 14, 2024

If you’re still paying off a vehicle loan, there’s a chance that the insurance payout might not cover the full amount you owe. This is where Guaranteed Asset Protection (GAP) insurance comes into play, providing crucial financial coverage to bridge this gap. What Is GAP Insurance?

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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. GAP stands for Guaranteed Asset Protection.

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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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F&I and Showroom

APRIL 3, 2025

In this video, Adam Walters explains why guaranteed asset protection is essential for vehicle financing.

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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

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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Carscoops

JUNE 22, 2024

” More: Gap Insurance Refused To Pay BMW Owner $19,000 Over 60 Cent Clerical Error On top of making claims about an alleged defect, the lawsuit suggests BMW is actively trying to conceal the problem.

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AutoSuccessOnline

SEPTEMBER 6, 2024

The key inflationary impacts to vehicle ownership include purchase prices, interest rates, maintenance, repairs, insurance and fuel costs. Insurance Costs : Auto insurance premiums have soared, with Bankrate noting an average cost of $200 per month. This represents about 16% of the median household income.

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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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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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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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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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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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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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AutoSuccessOnline

MARCH 28, 2025

Everyone was talking about how insurance rates impacted auto sales in 2024. Whats also true is that insurance doesnt have to kill the deal. In fact, auto insurance can be a deal maker and even a deal sweetener. Rising insurance costs could actually help dealers save buyers money when they need it most during the deal.

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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. Understanding Gap Coverage Gap coverage is an optional insurance policy that is particularly important for leased vehicles. What is Vehicle Leasing?

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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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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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Motor Trader

OCTOBER 14, 2024

The first range of insurance products to launch are Lease GAP, Cosmetic, Alloy, and Tyre. 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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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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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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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. This is also known as being “underwater” on your loan.

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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). This shift highlights a trend towards more immediate, value-driven purchasing decisions.

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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. They’re the gears that keep the F&I machinery humming smoothly. Product knowledge is power here. But it doesn’t stop there.

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Canadian Auto Dealer

MARCH 1, 2024

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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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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AutoSuccessOnline

OCTOBER 30, 2024

3 The increase in maintenance costs, coupled with rising insurance premiums and fuel prices, has put additional strain on consumers’ budgets. According to recent studies, the average annual cost of vehicle maintenance and repairs has risen to over $1,000 per year for vehicles older than five years.

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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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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.

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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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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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