Lee & Mason Financial Services, Inc.

In case of a total loss to the borrower’s vehicle due to accident or theft, Gap Insurance covers the difference between the loan payoff and amount of the settlement made by the borrower’s primary insurance company based on the vehicle’s actual cash value.

Features

Protects the difference between Loan Balance Due and Actual Cash Value settlement

Covers Loans, Leases, and Balloon Loans; New & Used Vehicles

Borrower’s Deductible is covered: Up to $500 or $1000

Optional Purchase offered to each borrower or Blanket Coverage of entire portfolio

Generous Maximum Financing Percentage of Loan-to-Value

Optional Coverages: Additional Benefit Payment ($1000 toward purchase of new vehicle)

Benefits

Protects the Lender from Deficiency Balance Write-Offs
Fee Income for the Lender
Preserves Good Customer Relationship Between
Lender and Borrower
Encourages Financing of New Vehicle Purchase
Through Lender and Dealer

Gap coverage needed more than ever

Low or No Down Payments
Steep / Volatile Depreciation of
Certain Vehicles
Slow Amortization of Longer
Term Loans
Negative Equity ‘Rolled Into”
New Loan From Prior Loan
Primary Insurers ‘Totaling Out’
With Less Damage

Downloads for this product

Product Summary Brochure

Proposal Request Form