The editor reveals the truth behind an NPR report critical of the industry’s efforts to undo the Military Lending Act guidance that put the brakes on GAP sales.
The Guaranteed Asset Protection Alliance, a lobbying group made up of GAP providers, administrators and finance sources, was instrumental in getting two of the three laws passed — the most recent state to adopt its model act being Maine.
The new law mirrors the model act developed by the Guaranteed Asset Protection Alliance and clarifies how the product may be offered in the state. But the law contains restrictions on when the protection can be sold.
Rob Berger, executive vice president at Wise F&I, was elected as president of the Guaranteed Asset Protection Alliance (GAPA).
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