GAP covers the original loan amount at the time of sale.
GAP covers the difference between the Actual Cash Value of the vehicle at the time of loss and the balance on the loan based on the following factors:
RpmOne has two (2) basic GAP Programs and several specialty GAP Programs.
Most Dealers either use 120%, 125% or 150% GAP – These represent the maximum loan over MSRP at the time of loan origination, not at time of loss (i.e. If a vehicles MSRP is $8000 at the time of sale then 150% GAP will cover a loan up to $12,000 – If a loan is written for more, GAP will use $12,000as the basis for the loss claim calculation).
Additions to the original loan amount (i.e. Revolving Loans) will not be considered
Revolving Loans will be amortized over a 60 month period utilizing the original loan amount, when calculating a loss claim.
GAP will cover up to $500 of the Primary Insurance Deductible and up to two (2) delinquent payments.