Common Contracts
1 similar Guaranteed Asset Protection (Gap) Waiver contracts
GUARANTEED ASSET PROTECTION (GAP) WAIVERGuaranteed Asset Protection (Gap) Waiver • May 18th, 2015
This Guaranteed Asset Protection (“GAP”) Waiver Retail Installment Sales Contract Addendum (“Addendum”) is entered into by and between the Purchaser (“You”) and the Dealer. Upon assignment of the Retail Installment Sales Contract to a financial institution, the dealer will no longer be a party to this addendum, and the addendum will be by and between you and the assignee financial institution. This Addendum amends the Retail Installment Sales Contract whereby the assignee Financial Institution agrees to waive your liability for the difference between the amount owed under your Retail Installment Sales Contract and the actual cash value of the vehicle as of the date of the total loss of the vehicle resulting from a peril covered by the automobile insurance company, subject to all of the terms and conditions contained in addendum. All parties agree that in the event your claim for a waiver under the addendum is honored, no fee or interest shall accrue on the amount waived following the d
