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This law reduces consumer risk by requiring more disclosure from gap insurance sellers and placing restrictions on selling gap insurance that covers less than 70 percent of the vehicle’s value.
GAP insurance is often paid upfront and the purchaser is usually entitled to a refund of the unused portion of the premium if the vehicle is sold or refinanced before the end of the loan term. [4] There are two ways of getting GAP coverage. The first type is an insurance policy sold by a broker. The second type is a waiver agreement sold by a ...
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay), and what the borrower owes on the loan if the car is totaled or stolen ...
Gap insurance only provides financial protection for the gap between the actual cash value of a vehicle at the time of a total loss claim and the current amount still owed on an auto loan. Total ...
The California Consumers Legal Remedies Act ("CLRA") is the name for California Civil Code §§ 1750 et seq. [1] The CLRA declares unlawful several "methods of competition and unfair or deceptive acts or practices undertaken by any person in a transaction intended to result or which results in the sale or lease of goods or services to any consumer". [2]
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Misselling is the deliberate, reckless, or negligent sale of products or services in circumstances where the contract is either misrepresented, or the product or service is unsuitable for the customer's needs.
Gap insurance Pays the difference between your car’s depreciated value and remaining loan balance if totaled or stolen • New vehicle owners• Cars with minimal down payments• Vehicles that ...