Get Gap Insurance Gap Program Application For Coverage Loans

Filling out the GAP Insurance GAP Program Application for Coverage Loans online can seem daunting, but with the right guidance, the process becomes manageable. This comprehensive guide will walk you through each section of the application, ensuring you understand how to provide the necessary information accurately.

Follow the steps to complete your application seamlessly.

1. Click 'Get Form' button to obtain the form and open it in your preferred editor.
2. Begin by entering lender or dealer information. Provide the named insured, street address, city, state, zip code, contact name, phone number, and fax number in the appropriate fields.
3. Next, move to the general information section. Indicate the number of loans you expect to make in the next 12 months and specify the collateral type distribution for autos and trucks, including percentage allocations.
4. Fill in anticipated GAP sales for the upcoming 12 months for new and used vehicles, motorcycles, watercraft, and RVs, also reflecting the percentage for each category.
5. In the credit quality section, denote the percentage of your sales or lending base that aligns with the specified interest rate categories. This helps assess your customer base's credit quality.
6. Answer the questions regarding discounts and reserves; indicate whether a non-refundable discount was funded from loans, and provide additional details as necessary.
7. Proceed to the loan/lease information section. Enter the percentage of transactions where the advance exceeds 120% of MSRP or NADA retail book, along with average balances at origination and average original loan amounts including add-ons.
8. Indicate the average and range of loan terms and interest rates at origination for both new and used vehicles.
9. Specify which items are included in the original loan amount, such as sales tax, warranties, and other components.
10. Respond to questions regarding previous GAP programs, including whether you specialized in any type of vehicle or had a concentration of leasing to a particular clientele, providing details where applicable.
11. Conclude by confirming your capability to submit GAP business electronically. This is pertinent to the application process.
12. Finally, review the application for accuracy. Provide your signature and date, as well as the agent or broker's signature and date. Afterward, you can save, download, print, or share the application as needed.

Complete your GAP Insurance GAP Program Application for Coverage Loans online today for a streamlined experience.