PDF What is a GAP Waiver? GAP coverage can

GAP WAIVER

What is a GAP Waiver?

If you suffer a total loss while you are still paying on your vehicle, your automobile insurance may only pay the actual cash value, leaving you with a loan balance. Guaranteed Asset Protection (GAP) coverage will waive the difference between the Primary Insurance settlement and the Unpaid Net Balance of the Loan Agreement as of the date the settlement is applied.

How it works:

Unpaid Net Balance.......................$15,000

Insurance settlement.................... ?$11,000

Unpaid Loan Balance....................... $4,000

Total GAP Amount waived*........ ?$4,000

Out-of-pocket expenses.................... $0

CAR INSURANCE PAYOUT

UNPAID LOAN BALANCE

UNPAID NET LOAN BALANCE

*This is only a representation of how GAP coverage works. The amount of the loan that is covered will depend on your specific situation.

See Important Information for what is not covered.

GAP coverage can:

? Waive your primary insurance deductible up to $500

? Waive covered losses up to $50,000

? Provide protection for vehicles financed up to $100,000

? Provide coverage only for losses that occur during the original loan term

Important Information:

Your purchase of GAP Waiver is optional. It is not a condition for obtaining a loan with OneMain Financial and does not affect the credit decision process. If the collateral is not covered by Primary Insurance, the Lender will only waive the GAP Amount (the difference between the Collateral's Actual Cash Value and the Unpaid Net Balance of your Loan as of the Date of Loss). This GAP Waiver does not include (1) any refundable additions to amount financed, (2) interest accrued after the Date of Loss, (3) Deferred or Missed Payments more than 30 days past due, (4) late charges, fees, extensions and/ or funds added after the Loan Agreement inception, (5) Primary Insurance deductible more than $500*, or (6) Primary Insurance benefits or other third-party payments already paid to you. *Primary Insurance carrier deductible coverage is prohibited for installment sales contracts/loans originating in New York. No waiver will be made (1) if the loss occurred prior to the Effective Date of this Waiver, (2) if the Insurance settlement is equal to or greater than the Unpaid Net Balance, or (3) for losses caused intentionally by you. This brochure is intended to provide a general description of some of the benefits of GAP Waiver coverage. This is not a substitute for the details of the coverage, exclusions or limitations of the GAP Waiver. Please talk to your branch representative and/ or refer to the GAP Waiver should you have any questions about the coverage. The OneMain Financial GAP program is administered by OneMain Alliance, LLC. (P.O. Box 2548, Fort Worth, TX 76113).

077-90022 (REV 3-19)

EXENCI?N DEL SEGURO DE PROTECCI?N GARANTIZADA

DE ACTIVOS

(GAP WAIVER)

?Qu? es una exenci?n del seguro de protecci?n garantizada de activos (GAP Waiver)?

Si usted sufre una p?rdida total mientras a?n se encuentra pagando su veh?culo, puede suceder que su seguro de autom?vil solo pague el valor real en efectivo, dej?ndolo con un saldo del cr?dito.

Un seguro de protecci?n garantizada de activos (GAP) le eximir? de tener que cubrir la diferencia entre la liquidaci?n del seguro principal y el saldo neto no pagado de su pr?stamo, a la fecha de aplicaci?n de la liquidaci?n.

?C?mo funciona?

Saldo l?quido pendiente de pago............... $15,000

Liquidaci?n del seguro................................?$11,000

Saldo de cr?dito pendiente de pago............ $4,000 Total exonerado*........................................... ?$4,000

Gastos pagaderos de su propio bolsillo......... $0

DESEMBOLSO DEL SEGURO DEL AUTO

SALDO DE CR?DITO PENDIENTE

DE PAGO

SALDO L?QUIDO DE CR?DITO PENDIENTE DE PAGO

*Esta es solo una representaci?n de c?mo funciona la cobertura GAP. El monto del pr?stamo que se cubre depender? de su situaci?n espec?fica.

Consulte la secci?n Informaci?n importante para saber qu? es lo que no se cubre.

El seguro de protecci?n garantizada de activos (GAP) le ofrece:

? Exenci?n del deducible principal de su seguro hasta $500

? Exenci?n de p?rdidas cubiertas hasta $50,000 ? Ofrecer protecci?n para veh?culos con una

financiaci?n de hasta $100,000 ? Ofrecer cobertura solo para p?rdidas que

ocurran durante el plazo de la deuda original

Informaci?n importante:

La compra del seguro GAP Waiver, de protecci?n garantizada de activos, es opcional. No es condici?n para recibir un pr?stamo de OneMain Financial, y no afectar? el proceso de concesi?n del cr?dito. En caso de que la garant?a prendaria no est? cubierta por un seguro principal, la financiera s?lo exonerar? la prestaci?n del GAP (la diferencia entre el valor actual de la garant?a prendaria y el saldo neto no pagado del pr?stamo, al momento de la p?rdida o siniestro). Esta exoneraci?n del seguro GAP no incluir?: (1) los aumentos reembolsables a la cantidad financiada, (2) el inter?s acumulado despu?s de la fecha del siniestro, (3) los pagos diferidos o faltantes con un retraso mayor de 30 d?as (4) los recargos por pagos atrasados, los cargos por extensiones y/o los fondos agregados desde la entrada en vigor del acuerdo de pr?stamo, (5) el deducible superior a $500* del seguro principal, o (6) las prestaciones del seguro principal o cualquier otro pago de terceros ya recibido por usted. *El deducible del seguro principal est? prohibido con relaci?n a las ventas a plazos y pr?stamos originados en Nueva York. No habr? exenci?n (1) si el siniestro llegara a ocurrir antes de la fecha de entrada en vigencia de esta exenci?n, (2) cuando la prestaci?n del seguro sea igual o mayor del saldo neto no pagado, o (3) con relaci?n a cualquier p?rdida causada intencionalmente por usted. El prop?sito de este folleto es ofrecer una descripci?n general de algunas de las ventajas del seguro GAP Waiver, de protecci?n garantizada de activos. No pretende ser un sustituto del documento oficial del seguro, ni de las exclusiones o restricciones del GAP Waiver. Favor de hablar con el representante de su sucursal y/o consultar los detalles del GAP Waiver, si tiene alguna pregunta o duda acerca de su cobertura. El programa GAP de OneMain Financial es administrado por OneMain Alliance, LLC. (P.O. Box 2548, Fort Worth, TX 76113).

077-90022 (REV 3-19)

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