DO YOU NEED GAP-INSURANCE?
More
people with good credit are financing higher
amounts on their car loans than ever before
with little or no down payment.
If you
financed more than 70 % of the dealer cost or
ACV of the car.
If your down payment
was less than 30% of
the vehicle purchase
price:
If your vehicle is
financed for 24 months or longer:
If you drive over
12,000 miles per year:
If you
answered "yes" to two or more of the
statements above, you may need Gap Insurance
in the event that your vehicle is
declared a total loss as a result of theft,
collision, flood or other natural disaster.
HOW DOES GAP-INSURANCE WORK?
If your
automobile or truck is stolen or declared
totaled, your auto insurance company will
usually only pay you the actual cash
value of the car. The actual cash value can be a
lot different from what you still owe on your
loan. Without gap insurance your
lender will hold you responsible for paying the
difference between the actual cash value and the
amount left on the loan.
This might mean you having to come up with
thousands of dollars to pay that debt. Gap
insurance will help eliminate you
having to pay the difference and eliminate the
stress of having to come up with that money.
The
following is an example of how gap insurance works:
Your Net Loan Balance at Time of Total Loss
$25,500
Actual Cash Value of Your
Vehicle $20,000
Your Insurance
Deductible $ 500
Your Net Auto
Insurance Settlement $19,500= $19,500
The “Gap” You Owe - Paid by Gap Insurance
$ 6,000
Max Payout
Percentage Limitations:
The GAP
Insurance policy claim settlement will satisfy
the entire loan balance due when the Amount
Financed is
no more than 120%* of the MSRP on a
new vehicle or NADA retail value on a used
vehicle.
In addition
to the 120% of MSRP/NADA retail, it will also
pay up to an additional 30% for Dealer Add-on
items
financed with the vehicle, as the gap insurance
settlement will also entirely satisfy the loan
balance, when the
portion of the Amount Financed attributable to
Dealer Add-ons, like warranty and credit life,
is not more than
30% of the MSRP/NADA retail value.
WHY BUY GAP-INSURANCE FROM US?
Because the GAP INSURANCE offered in this web site
is administered by Lee And Mason Financial Services
who is the
licensed agent in all states where this GAP
insurance policy is offered.
Lee And Mason
Financial Services has
been in
business over 45 years. We encourage you to shop,
and when you shop compare these facts: Unlike a GAP
waiver which is
often sold by lenders and dealers, you receive an
actual insurance policy in your name from an
A-rated insurance company.
Gap insurance coverage on
loans up to 84 months
Deductible covered up to $500
A- Rated (A.M. Best) insurance company provides
superior security
Gap insurance coverage is available on new and used
vehicles purchased or refinanced within the past 12
months
Gap
insurance can be purchased online through a secure
and Better Business Bureau approved site.
Only $399 buys Gap Insurance
Coverage for up to 84 months!
For your convenience when ordering GAP Insurance
coverage please have the following information
available;
Date your car or truck was purchased, total purchase
price of the vehicle, amount financed, annual
Percentage Rate
(Not to exceed 12.5 APR)
name and address of Lender, vehicle year, make,
model.
Leased
vehicles are not eligible at this time.
Gap Insurance is available in all states except:
CT, LA, NY, VA, WA
Licensed agents wanting to offer GAP insurance
click here
