GAP

GAP is an automobile insurance product that provides the borrower with coverage for the difference in the loan balance and the primary insurance settlement on the vehicle in the event of a total loss. The program includes payment of their regular automobile insurance policy deductible and up to an additional $1,000 payment to the insured for the purchase of their next vehicle.

When closing an automobile loan, the licensed individual at the Lender will offer and explain coverage’s, quote, issue the application, and process the application and policy from Arcana's web based GAP internet delivery system. The payment may be added to the loan at closing or paid by the customer in full with a check or credit card. Arcana will bill the Lender on a net monthly statement.

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