What is Loan/Lease Payoff Coverage?

Also called Gap Insurance, Loan/Lease Payoff Coverage covers the difference between how much an insurer will pay on a lost, stolen, or totalled vehicle, and how much the insured person still owes on the vehicle.

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Related Legal Terms

Gap Insurance, NET LEASE, GROSS LEASE, LEASE SCHEDULE, CAPITAL LEASE, MASTER LEASE, CLOSED-END LEASE, NOVATED LEASE, Uninsured/Underinsured Motorist Property Damage Coverage, Roadside Assistance Coverage


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