VIP Exclusive
GAP Guaranteed Asset Protection Certified Professional Exam
GAP — The GAP Certified Professional designation is issued by the American Financial & Automotive Services (AFAS) and affiliated F&I training bodies; the exam assesses automotive finance and insurance professionals on GAP product knowledge, underwriting eligibility, regulatory compliance, claims procedures, and ethical sales practices typically covered in dealership F&I offices.
31
Questions
90m
Time Limit
75.00%
To Pass
Question 1 of 31👑 VIP
A customer finances a new SUV for $42,000 with a $2,000 down payment, resulting in a loan balance of $40,000. Six months later the vehicle is totaled in an accident. The primary insurer pays the actual cash value (ACV) of $36,500, and the customer still owes $38,200 on the loan. What amount would a standard GAP contract cover in this scenario, assuming no deductible waiver benefit?
Questions 2–31 and full explanations are VIP-exclusive.