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What is PTS GAP?
PTS Gap Waiver covers the difference between what your customer's car is worth and what they owe on the car. It comes into play if the car is a total loss due to a theft or totaled while the owner is still making payments.
PTS GAP can provide valuable protection during the early years of a cars loan. When your customer is possibly financing more than the value of their car they need the PTS GAP program.
A total Loss or Theft occurs every 20 seconds. If this happens to your customers, could their loss turn into your loss?
How PTS GAP can help you.
When your customer experiences a total loss to their automobile the primary insurance carrier may not pay the balance owed on the loan.
with our program:
• We pay the GAP
• We help to clear out a collection account
• We help to cover the customer's deductible
It works like this:
Example:
| Loan Balance / Year 2 |
= $15,000 |
| Insurance Settlement |
= $13,000 |
| ____________________________ |
|
| Loan Deficiency (GAP) |
= $2,000 |
| Customer Deductible |
= $500 |
| ____________________________ |
|
| collection Amount |
= $2,500 |
| PTS GAP Benefit |
= $2,500 |
| ____________________________ |
|
| Collection Account after PTS Benefit |
= $0 |
We help provide Peace of Mind for you and your customer.
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Frequently Asked Questions
Your customers and your business will benefit
from
PTS GAP
A total Loss or Theft occurs every 20 seconds. If this happens to your customers, could their loss turn into your loss?
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