GAP

[clean hairy]

I found it (and I forget already). Had something to do with government auto loans or something....

Gap for auto loans covers a shortfall.
Vehicle is totalled and you owe $18,000
Insurance pays only 15k
Gap covers the shortage of 3k
Cost for gap is about $400? For 5 yr loan.

 

[UnionStrong]

Isn't GAP something I see in porno flicks?

That’s GAPE

 

[UnionStrong]

That would be gape

You bastard, I posted the same thing!

 

[UnionStrong]

Guaranteed Asset Protection (GAP) is insurance for the difference between the loan amount and what an asset is currently worth. Lease a new car drive it off the lot and continue use it until right before 1st payment comes due and then wreck it. Insurance isn’t going to pay 100% of loan. GAP insurance covers it.

Generally Accepted Accounting Practices (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the U.S. must follow GAAP when their accountants compile their financial statements.

Nice job finding the typo.

Gap, guaranteed auto protection