Guaranteed Asset Protection (GAP) Insurance

Understanding GAP Insurance: A Win-Win for You and Your Customers

GAP insurance is a strategic add-on that shields your customers from significant financial loss in the event their vehicle is totaled or stolen. It bridges the “gap” between what the customer owes on their loan or lease and the amount their standard auto insurance will pay out. This critical coverage can save your customers thousands of dollars and position your dealership as a trusted partner in their vehicle ownership journey.

Why Galt GAP Should Be Part of Your F&I Arsenal

1. Increased Profit Margins: GAP insurance is a high-value, low-cost addition to your F&I offerings, significantly boosting your per-vehicle profitability.
2. Enhanced Customer Satisfaction: By offering comprehensive protection, you demonstrate a commitment to your customers’ financial well-being, fostering loyalty and positive word-of-mouth.
3. Competitive Edge: In a crowded marketplace, GAP insurance sets your dealership apart, attracting discerning customers who value comprehensive coverage.
4. Simplified Claims Process: Our streamlined system ensures a hassle-free experience for both you and your customers, enhancing overall satisfaction.

The Galt GAP Advantage: Unmatched Quality and Service

Our GAP program is crafted with the needs of both dealerships and customers in mind:

• Major Financial Institution Approval: Our GAP waivers have earned the trust and approval of leading financial institutions, lending credibility to your offerings.
• Comprehensive Program Administration: We handle every aspect of the process, from claims to refunds, allowing you to focus on what you do best – selling vehicles.
• Swift and Compliant Payouts: We process claims and refunds promptly, always adhering to state-specific regulations to ensure full compliance.
• Dedicated Claims Support: Our experienced claims department provides end-to-end assistance to customers, ensuring a smooth and satisfactory experience.

Key Benefits That Make Galt GAP Irresistible to Your Customers

• Extensive coverage for loan/lease payoff up to $50,000
• Insurance deductible coverage up to $1,000, minimizing out-of-pocket expenses
• Versatility across various financial contracts, including both loans and leases
• Flexible terms up to 84 months to accommodate diverse financing arrangements
• Compatibility with both new and used vehicles, expanding your market reach
• Affordable monthly cost easily integrated into their finance payment

How Galt GAP Works: A Real-World Scenario

Let’s illustrate the power of GAP insurance with a practical example:

Your customer purchases a vehicle for $25,000 with a 60-month loan. Three years into the loan term, the unthinkable happens – the car is totaled in an accident. Here’s the financial breakdown:

• Outstanding loan balance: $15,000
• Insurance settlement based on current market value: $12,000
• Customer’s insurance deductible: $1,000

Without GAP insurance, your customer would be facing a daunting $4,000 out-of-pocket expense. However, with Galt GAP, this entire amount is covered. This not only saves your customer from financial stress but also positions them to make a new vehicle purchase – likely from your dealership, further boosting your sales.

The Truth About Vehicle Depreciation

Many customers are unaware that their vehicle begins to depreciate the moment they drive it off the lot. This rapid initial depreciation creates a period during most loan or lease terms when the balance owed on the vehicle substantially exceeds its current market value. This is where GAP insurance becomes crucial:

• It protects against the financial shortfall caused by depreciation
• It gives customers peace of mind, knowing they’re protected against unforeseen circumstances
• It demonstrates your dealership’s commitment to long-term customer care

Seamless Integration into Your F&I Process

Adding Galt GAP to your F&I offerings is a straightforward process designed to integrate smoothly with your existing sales workflow:

1. Easy Explanation: Our clear, concise materials make it simple for your F&I team to explain the benefits of GAP insurance to customers.
2. Flexible Integration: Galt GAP can be easily incorporated into various financing packages, allowing for customized offerings.
3. Training Support: We provide comprehensive training to your staff, ensuring they’re fully equipped to sell GAP insurance effectively.
4. Marketing Assistance: We offer marketing materials and strategies to help you promote GAP insurance to your customer base.