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Members Choice Gap Waiver Agreement

The purchase of Guaranteed Asset Protection (GAP) Advantage is voluntary and has no influence on your credit application or the terms of an existing credit agreement you have with SELCO. GAP Advantage is a waiver of credit default and is not offered as insurance coverage, although the CAP may be considered insurance in some countries. We will provide you with additional information, including a copy of the CAP Waiver Statement, which contains GAP`s terms and conditions of sale before you are obliged to pay. With a record $1.2 trillion in car loans pending, it`s time to take a look at all the benefits of our CAP program that your members want and need. Our options at the option give your loan officers the flexibility they need to better serve your members. Your purchase of MEMBER`S CHOICE™ Guaranteed Asset Protection (PAC) is optional and has no influence on your credit application or the terms of a credit agreement required to obtain a loan. Certain conditions of participation, conditions and exclusions may apply. Please contact your credit representative or read the membership agreement for a full explanation of the CAP terms. If you opt for GAP, adding product fees to your credit amount will increase the cost of the CAP. You can terminate the protection at any time. If you terminate coverage within 90 days, you will receive a full refund of the fees paid. You will receive additional information before you have to pay the fees for this product. PAC-915202.1-0414-0516 New vehicles are amortized on average 20% after one year.1 New vehicles purchased are depreciated the second they are driven without a dealer.

If a vehicle is completely or stolen in the event of an accident and is not restored, your member may owe more than the vehicle is worth. The CAP was designed to reduce or eliminate the difference between the insurance settlement and the credit balance. Our PAC, GAP Plus and OUR PAC, with deductible support, offer more functional options and more control than ever before.* Guaranteed Asset Protection (PAC) provides financial liability protection for members who fund eligible vehicles. The CAP covers the difference between the market value of the vehicle and the balance of the loan if the vehicle is added up or stolen. In the first year or two of your vehicle loan, it`s likely that the amount you owe for your vehicle will exceed the value of your vehicle. This difference in value can weigh on you financially if your car is stolen or added up. MEMBER`S CHOICE™ GAP Insurance helps you “close the value gap” by covering that difference. Ask your credit manager for PAYMENT PROTECTION and MEMBER`s CHOICE credit insurance options today! Vehicles descend by 10% when a new vehicle is driven off the field. A motor vehicle is stolen every 40 seconds in the United States.

Get the right financing solution for your car purchase! Guaranteed Asset Protection Advantage (GAP Advantage) covers the difference between the value of your vehicle and the amount due. It`s a one-time cost, and you can pay for it with your loan. The CAP can waive the difference between what the insurance company pays and the amount of the loan. . The value of new cars decreases on average by 15 to 25% per year. For more information, please download our CAP brochure. If something has happened to your vehicle, you might be faced with the following: Americans are running their engines in the auto market. . . .