Notice 021: October 1, 2018 – VW Credit/Audi Financial Services-GAP Form Approval
October 1, 2018
VW Credit and Audi Financial Services new GAP funding rules.
Effective December 1, 2018, VW Credit and Audi Financial Services will implement new purchasing and funding rules related to GAP contracts. With this change, VW Credit and Audi Financial Services will only finance GAP contracts where the underlying GAP form and its associated Contractual Liability Insurance Policy have been previously reviewed and approved by F&I Sentinel.
These new business requirements also include form underwriting guidelines that required the creation of new GAP program form(s) in order to satisfy the new requirements. Wise F&I has already created the primary GAP form for this new series and received the first state approval by F&I Sentinel on behalf of VW Credit and Audi Financial Services.
Additionally, VW Credit and Audi Financial Services are requiring that each dealer must be setup as an authorized dealer by F&I Sentinel in order to use an approved GAP form. In order for a dealer to receive this authorization, the dealer must submit a completed Dealer Sponsor Form to Wise F&I Client Services for processing with F&I Sentinel.
This will be hard change effective December 1, 2018. Please work promptly to ensure that your VW and Audi dealers complete and submit their Dealer Sponsor Form.
We know that you may have questions or concerns; so, please feel free to contact your Account Executive or Wise F&I Client Services at 800-849-9559 or firstname.lastname@example.org.