Wise F&I

SecureGAP is designed specifically for our lender business. We provide this unique product to all bank, credit union and finance companies.  This product is designed for use by all bank, credit union and finance companies on their own automotive financing contracts.  As such, there are no lender approvals associated with this product. It is designed for an agent that markets to both auto dealers and lending institutions.  Reinsurance is available through certain underwriters for select lenders or agents.

Today's borrower is generally requesting auto loan amounts that exceed standard lending criteria. Down payments of $750 or $1,000 are common for vehicles costing $18,000 to $25,000 and more. 

The lack of equity down payment and the demand for extended term financing often creates a negative equity position with your loans; resulting in deficiencies of $3,000, $5,000 or more. 

Iit is important to remember that GAP IS NOT AN INSURANCE TRANSACTION BETWEEN YOU AND YOUR BORROWER. You are merely agreeing to amend the loan contract to waive any amounts due you. If the collateral is deemed a total loss, you agree to waive any difference between the outstanding Loan Balance and the insured value or actual cash value of the vehicle at the time of loss. By submitting the GAP waiver and paying the appropriate premium, you are insuring your exposure to loan loss should your borrower suffer a "total loss."



If a consumer obtains their automotive financing directly from you (a bank, credit union or finance company) the only way for the consumer to obtain GAP coverage would be through you as the originating lender.  If you would like to find out why, please click here for the answer!