Gap Products & Etch Products & Buying a Car.
Gap and Etch Products and Buying a Car.
These are not insurance products but rather warranties so as to avoid insurance regulation by the Division of Banking and Insurance. The pricing of these products is left to the discretion to the dealership. The theory behind the products is that they prevent the theft of the car and when the product fails the warranty kicks in and pays you a dollar amount.
GAP pays the difference between the market value of the car and the payoff of the loan. Etch usually pays a defined benefit such as $1,000 or $2,000. It would seem to make no sense that both products are sold at the same time since the benefit is duplicative especially if you have collision insurance which you do if the car is financed. These products cost the dealer very little and can be purchased for a small amount on the internet.
Carton and Rudnick family law
Carton and Rudnick consumer law
Carton and Rudnick
