Fort Worth-based State National Companies rolled out a new online application for its Guaranteed Auto Protection (GAP) program. These new tools help lenders effectively sell and manage their State National GAP program.
GAP insurance covers the difference between the insurance settlement and the loan or lease payoff for vehicles stolen and not recovered or declared a total loss.
The features now available online include: visual aids for demonstrating GAP exposures to borrowers, the ability to create addenda, claims submissions, and various management reports.
State National said GAP’s profit margin and consumer acceptance have made it a popular product with many auto dealers and lenders. In a 2002 study, dealer GAP penetration approached 30 percent for new autos and almost 35 percent for used.
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