GAP Waiver - BBB A+ | iLendingDIRECT

WHAT IS A GAP WAIVER?

A GAP Waiver is additional coverage you apply to your new or refinanced auto loan that protects you from potential financial catastrophe if something happens to your car — like theft or a total loss due to an accident.

The GAP Waiver is an option available to borrowers directly from their lenders and is typically built into your loan and loan payment. Best of all? It costs as little as 45 cents per day — or about $14 per month.

HOW DOES IT WORK?

Say you purchase a car for $25,000 and then are in an accident that totals your vehicle. Let’s assume that at the time of the accident your loan is at a $22,000 balance, but the actual cash value on your car is only $18,000 due to depreciation (a word we will not be adding to our list of words we love to hear).

Essentially, this means that GAP Waiver is a way to cover that difference between the actual value and the loan amount. It helps to be able to pay off a loan quicker and easier in the event that an accident does occur.

IS THIS THE SAME AS GAP INSURANCE?

Short answer, no. GAP Insurance is a service provided by licensed insurance companies, but a GAP Waiver is something that is signed at the time of a loan or refinancing a loan. GAP Waiver is not part of a monthly payment coverage but is built into the loan from the beginning.

At iLendingDIRECT, we want to ensure that an accident that results in a total loss won’t become a financial catastrophe for you. Our bank and credit union partners will allow you to participate in the GAP waiver program with no cash out of pocket.

Call us today, so our expert loan consultants can help fit this protection into your budget and your monthly payment. Reach us at (866) 683-5505 or fill out our contact form.

GAP Waiver Infograph

*GAP is designed to help in covering the unpaid balance of an automobile loan in the event of a total loss of the vehicle. The GAP wavier coverage amount will vary based on the amount still owed and the current value of the vehicle.

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At iLendingDIRECT we care about your financial health! Let us help put cash back in your wallet, protect your vehicle, and secure your budget.
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