Guaranteed Auto Protection – GAP

GAP insures the difference between the outstanding balance of a customer’s loan or lease and the amount of the primary insurance coverage if the vehicle is damaged beyond repair or is stolen and not recovered. We provide both blanket and voluntary programs.

What does GAP cover?
  • New and used vehicles
  • Loan and lease terms up to 84 months
  • Insurance deductibles
  • Loss amounts up to $50,000
  • Loss amounts up to 150% of MSRP
GAP Programs

OIC Lender Services offers both blanket and voluntary GAP programs. Both programs deliver bottom line benefits such as increased fee income and reduced charge-offs.

Our blanket program provides coverage for an entire vehicle portfolio. Lenders or Lessors who choose to insure the GAP exposure for every loan or lease, enjoy the bottom line benefit of reduced charge-offs that a blanket program provides.

Our voluntary program provides coverage based on consumer choice. At the time a vehicle is purchased, auto lenders offer a GAP waiver option to consumers on a direct or indirect basis. In addition to reduced charge-offs, voluntary programs provide opportunity for fee income for lenders and their dealer partners.

Our Expertise

OIC is a specialist at understanding state regulations and industry practices regarding GAP. This knowledge has allowed us to become the leading provider in states with unique GAP regulations such as Michigan, New York and others.