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GAP Refunds - Who is responsible?

October 13, 2022 // 1 pm CT
Online

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Lenders are likely familiar with Guaranteed Auto Protection (GAP) insurance. This is a product protecting borrowers in case their vehicle is badly damaged or totaled, stepping in to cover the difference between what a vehicle is currently worth and the amount they actually owe on it.

But GAP comes with some red tape that could end up in your lap. Consumers are entitled to refunds on unearned premiums, like when a loan is paid off early or a vehicle is repossessed. The Lender is often responsible for refunding unearned premiums and applying to loan balances or returning them to the consumer.

Each state has statutes in place addressing who is responsible for the refund process – the lender, the GAP administrator, or the consumer. Join us to learn about your responsibilities for refunds of waivers.

  • Understanding your state’s regulation
  • Who pays?
  • Lender, dealer, administrator?
  •  How refunds are calculated
  • Timing of refunds
  • Documentation requirements of refunds

This session is Council member-only.  Only register if you are a current CUNA Councils member.  

Meet Your Speakers:

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Casey Perkins

VP – Consumer Lending

Ent Credit Union

Colorado Springs, CO

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Scott Gennerman

Director Indirect Lending

Ent Credit Union

Colorado Springs, CO