Guaranteed Asset Protection, commonly referred to as GAP, is an income-generating product that financial institutions can add to their vehicle purchasing options.
If your borrower’s vehicle is lost or stolen, GAP will pay the difference between the value of the vehicle, which is determined by the primary insurance company, and the unpaid balance of the loan. GAP provides your borrowers with peace-of-mind, knowing their investment is fully protected.
If available in your state, Guaranteed Asset Protection Advantage, commonly called GAP Advantage, provides the same benefits as GAP, with an additional $1,000 benefit to use toward the financing of a replacement vehicle with your institution.
In many cases, SWBC can provide coverage for:
- Private passenger vehicles and light trucks
- Travel trailers
- Motor homes
- Miscellaneous collateral—motorcycles, golf carts, ATVs
An SWBC representative will assist you in the step-by-step process to get the program launched at your institution, from the proposal to the implementation phase.
Prior to the program launch, SWBC will equip your loan officers with all of the training and materials necessary to sell the GAP program to your borrowers. Your employees will be trained to use UNITY, SWBC’s proprietary quoting tool offered free of charge to our clients.
UNITY seamlessly interfaces with loan origination systems, eliminating toggling between applications, to help your loan officer save time and reduce errors when quoting combined loan payment rates. UNITY allows users to give borrowers an accurate forecast of the predicted payment with supplemental GAP coverage by instantly pre-populating payments.
Upon implementation, SWBC will provide marketing support necessary to promote the program within your financial institution. SWBC provides a level of service not typically available with other providers. In fact, we strive to offer unprecedented service, even after we’ve implemented your product.
We offer various forms of print and electronic marketing collateral, including but not limited to lobby brochures, plasma messages, and a private-labeled weblet you can use on your financial institution’s web site. SWBC’s internal marketing department can support your own marketing efforts to maximize program exposure to your borrowers and generate increased interest.