GAP penetration slumps at Gravity Lending, depreciation protection fills gap

Depreciation protection waivers recouped about 80% of lost GAP revenue at the fintech

© Can Stock Photo / sqback

Auto refinance fintech Gravity Lending has logged a decrease in guaranteed asset protection (GAP) penetration as historic used-vehicle values continue to push down consumer loan-to-value (LTV) ratios, effectively limiting the need for the aftermarket product on refinanced loans. Traditionally, GAP products are “by far” the highest selling product in the refinance space, Gravity Chief Executive […]

Already subscribed? Click below.

Exit mobile version