Finance specialist Singer & Friedlander Finance is urging dealers to promote the benefits of Gap insurance to improve bottom line profits and protect the car buyer.
Gap insurance – Guaranteed Asset Protection – covers the shortfall between the finance agreement settlement figure and the comprehensive motor insurance payout should the car be written off. But in some cases the settlement may not cover outstanding finance.
Miles Roberts, S&F Finance assistant director, said: “For the motor retailer to highlight this during the sales process puts them in a positive and supportive position for the customer.”
He believes that the key to successfully selling Gap is to work with companies like S&F that build it into their finance packages.