Vizibelle

Visual Artist

Debt Cancellation Agreement Auto Loan

According to the assembly analysis, SB 125 does the following: ANALYSIS: existing legislation (1) defines “guaranteed automobile insurance” as insurance covering a vehicle buyer or policyholder for the difference between the current value. From previous information from FLS Services, Inc., we understand that Guaranteed Auto Protection or GAP is insurance acquired by an FCU to protect against a loss resulting from the declaration or theft of a vehicle that insures a loan financed by the FCU and that the borrower`s initial insurance indemnity is not sufficient, to cover the outstanding amount of the credit. With CAP coverage, the FCU would receive compensation for the difference between the borrower`s initial insurance indemnity and the outstanding loan. Debt relief agreements may vary from one Member State to another. . . .