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From the bloggers at Automotive News:
Guaranteed asset protection — or GAP — covers the difference between the actual value of vehicles and the depreciated values. To comply with the act, most dealerships no longer offer service members GAP, and most lenders haven’t been able to finance it.
“This really is a ticking time bomb,” Charlie Gilchrist, chairman of NADA and president of Gilchrist Automotive in Texas, told Automotive News. “We have to get it handled.”
The full blog is available at www.automotivenews.com.