Guaranteed Auto Protection GAP Waiver Lobel Financial Form

What is the Guaranteed Auto Protection GAP Waiver Lobel Financial

The Guaranteed Auto Protection (GAP) Waiver from Lobel Financial is designed to protect vehicle owners from financial loss in the event their vehicle is totaled or stolen. This waiver covers the difference between the amount owed on a vehicle loan and its actual cash value at the time of loss. By providing this financial safety net, the GAP Waiver ensures that borrowers do not face significant out-of-pocket expenses when their vehicle is no longer usable.

How to use the Guaranteed Auto Protection GAP Waiver Lobel Financial

Using the Guaranteed Auto Protection GAP Waiver involves understanding its terms and conditions. Once you have purchased the waiver, it automatically activates when you experience a total loss of your vehicle. In such cases, you should contact your insurance provider to report the incident, and they will determine the actual cash value of the vehicle. The GAP Waiver will then cover the remaining balance on your loan, provided you have met all eligibility requirements.

Steps to complete the Guaranteed Auto Protection GAP Waiver Lobel Financial

Completing the Guaranteed Auto Protection GAP Waiver involves a few straightforward steps:

1. Review the terms of the waiver to ensure you understand the coverage provided.
2. Purchase the GAP Waiver at the time of financing your vehicle through Lobel Financial.
3. Keep all documentation related to your vehicle purchase and the waiver for future reference.
4. In the event of a total loss, file a claim with your insurance provider and provide them with the necessary documentation.
5. Coordinate with Lobel Financial to apply the waiver towards your remaining loan balance.

Key elements of the Guaranteed Auto Protection GAP Waiver Lobel Financial

Several key elements define the Guaranteed Auto Protection GAP Waiver:

• Coverage Amount: The waiver typically covers the difference between the loan balance and the vehicle's actual cash value.
• Eligibility: The waiver is available to borrowers financing vehicles through Lobel Financial.
• Activation: The waiver activates upon the total loss of the vehicle, either through theft or an accident.
• Documentation: Proper documentation must be maintained to facilitate the claims process.

Legal use of the Guaranteed Auto Protection GAP Waiver Lobel Financial

The Guaranteed Auto Protection GAP Waiver is legally binding and must comply with state regulations. It is essential for borrowers to read the waiver's terms carefully to ensure they understand their rights and obligations. The waiver is designed to protect both the lender and the borrower, ensuring that the financial responsibilities are clear in the event of a total loss.

Eligibility Criteria

To qualify for the Guaranteed Auto Protection GAP Waiver, borrowers must meet certain criteria, including:

• Financing a vehicle through Lobel Financial.
• Maintaining comprehensive and collision insurance on the vehicle.
• Being in good standing with the loan agreement at the time of the total loss.