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Finance Insurance

Defense Dept. closes GAP confusion

GAP FCA dealer
One expert predicts the automotive finance industry will see a "spike" in GAP regulations at the state level, probably reaching the level of the 59 measures proposed during the 2009 to 2011 period. (DAVID PHILLIPS)
AL
By:
Audrey LaForest
March 02, 2020 05:00 AM

Dealer associations are praising the Department of Defense's decision last week to rescind a controversial interpretation of the Military Lending Act, clearing confusion that has prevented dealers from selling guaranteed asset protection, or GAP, to military members and covered relatives.

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