Is GAP Coverage Something You Should Consider?

What is GAP Coverage and do I need it?

Simply put, GAP coverage is an optional feature that will cover the “gap” between what your insurance will pay and the amount you owe in the event your vehicle is totaled or stolen. The last thing you would want to do after one of these unfortunate events is to have to pay out of pocket for the damage. Although we hope this never happens to you, GAP coverage reduces your financial risk in either of these events. One main reason we encourage people to add Guaranteed Asset Protection is due to the fact that the second you leave the lot, the value of your car decreases. This means that the amount you paid for your car is more than what it’s resale value is.

Example:

Consider this example: You are driving to work along your normal route when another driver runs a red light and T-bones you. Your car is completely totaled and you were already upside-down on your car loan. Do you want to deal with the financial impact on top of your already frustrated emotions? How do you plan on paying for this?

These are the questions you should be considering when looking into GAP. There is, of course, the possibility that nothing ever happens to your car and you didn’t use the GAP coverage you paid for. But, is that a risk you want to take?

Stress Less on with a Auto Refinance

 

 

 

 

 

How do I know what company to go with?

When you purchase a vehicle from a dealership they are going to ask you if you would like Guaranteed Asset Protection coverage. You can also look into coverage with your insurance provider – Safeco, Progressive, etc. Another option, which is where we come in, is to go through a third-party provider. Here at RefiJet, we work with industry-leading providers of GAP coverage. Due to this, we can negotiate a great rate for you which the cost could be lower than what you might be able to get through a dealership or individual lenders.

Can I add GAP Coverage Later On?

Yes, you can! If you have been making multiple payments on your loan and have a decent credit score, refinancing may be a great option for you! In the event that you decide to refinance your auto loan, you could both, decrease your loan payment/overall APR, and add GAP insurance to your new loan. GAP will only add a few more dollars to your monthly payment. If you already have GAP coverage, we can help you cancel it. By law, your current GAP contract will not transfer to your new loan; however, you might be entitled to a pro-rated refund.

Auto Refinance

 

Important Disclosures and Requirements

Customer Consent to Receive Account Information Electronically

The Electronic Signatures in Global and National Commerce Act requires your consent to receive certain disclosures electronically. Please read this section carefully and retain a copy of this document for your records.

ELECTRONIC RECORDS

Some communications and disclosures with and by RefiJet.com on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. However, if you wish to obtain a paper copy of any disclosure to your offer and/or loan/finance offer request, you may write to Yield Solutions Group, LLC (dba RefiJet.com) at 7555 E. Hampden Ave., Ste. 500, Denver, CO 80231. We will not charge you a fee for a paper copy of the Disclosures you request. RefiJet does not provide any Lenders’ disclosures.

RefiJet.com reserves the right, in its sole discretion, to stop providing Disclosures electronically. RefiJet.com will provide you with notice of any such termination as required by applicable law. If RefiJet.com chooses to stop providing Disclosures electronically, RefiJet.com will send any future Disclosures to you in paper form.

YOUR CONSENT IS REQUIRED

The applicant and any co‐applicant (collectively, “you”) must consent to receive Disclosures electronically in order to complete the loan/finance offer request process with RefiJet.com on behalf of its participating Lenders (as defined above). Your consent will apply to Disclosures you receive from RefiJet.com, its successors and assignees, and any Lenders. You may withdraw your consent for receiving electronic Disclosures by notifying RefiJet.com at Info@RefiJet.com. Since RefiJet.com is structured to provide some loan/finance offer request related information electronically, not consenting, or withdrawing your consent to receive electronic Disclosures may terminate your loan/finance offer request process. You may withdraw your consent to do business electronically with our participating Lenders at no cost to you. You may do so by contacting the Lender at the mailing address, e‐mail address or telephone number they provide to you separately for such purpose.

CONSENT TO RECEIVE DISCLOSURES ELECTRONICALLY

In order to use this service, you must consent to receive disclosures including but not limited to the Terms of Service and Privacy Notice electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.

If you have access to this website, you have suitable hardware/software to access and retain electronic documents.

This consent is valid until revoked by either party.

Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.

MONTHLY PAYMENT REDUCTION CLAIM**

This average monthly auto loan payment savings reflects loans where the borrower chose to lower their monthly payment. Not every auto refinance is intended to lower monthly payment. These savings are not guaranteed. Individual savings and rates may differ.

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