Customer Value
If your vehicle is totaled or stolen and the insurance settlement comes in below what you still owe, GAP protection covers that difference — and on LaterBank-backed policies, up to 150% of the vehicle’s retail cost including the deductible. Without it, the customer is responsible for a loan or lease balance on a car they no longer have.
Dealer Value
GAP is one of the most broadly applicable products on the menu — it fits nearly every finance and lease customer, is easy to explain, and is accepted by most major lenders. It protects the customer relationship as much as their wallet, and it’s typically one of the higher-penetration products in a well-run F&I department.
The LaterBank Difference
A GAP policy is only as strong as the way it’s presented. LaterBank trains and mentors your F&I team to explain GAP in plain terms, connect it to the customer’s actual loan-to-value situation, and handle the objection that comes up most — ‘my insurance already covers that’ — so the product sells on its merits, not on pressure.
Fit Review
Not every dealership needs the same GAP structure — loan terms, average down payments, and customer mix all matter. If you’re not sure your current GAP program fits your store’s lending patterns, we’ll review it as part of a full product lineup analysis.
