GAP protects a borrower or lessee in the event of a total loss when the primary insurance settlement does not pay off the loan or lease balance.

A major out-of-pocket expense can result in a default and create an unpleasant replacement experience for the customer.

GAP can be sold to borrowers or lessees at loan or lease origination or is provided on a blanket basis if the financial institution should want to provide GAP provisions in their loans or leases.

GAP meets the financial institution's need with respect to risk management, product enhancement or increasing fee income.

Features

1. Policies filed and approved in 40+ states (United States)
   
2. Detailed reporting by state (U.S.) on GAP's status as debt cancellation versus an insurance product
   
3. Monthly reporting on portfolio activity
   
4. Rapid and accurate claims service
   

Benefits

1. Protects receivables from default
   
2. Enhances dealer relationships
   
3. Provides service satisfaction for customers
   
4. Fee income to both your institution and automobile dealers
   
5. Tax benefits versus loss reserving

GAP can also be packaged with other fee income products such as Wear & Tear Protection, Credit Involuntary Unemployment or Service Contracts.

Incentive programs can be included with voluntary GAP programs to insure sales success at the dealer level.

This product is underwritten out of our Home Office in Cincinnati. As a service, FIS will assist our agents in: making contact with the Underwriter, obtaining an Application, and presenting submission material for review by the Underwriter.