GAP Marketing Agreement
Reinsurance (ONLY IF Dealer is reinsuring GAP)
(check only one)
is Agreement is entered into this day of , 20 , by and between Vantage
Administration Services, LP, 8834 N. Capital of Texas Hwy., Suite 250, Austin, TX 78759 (hereinaer referred to as “Company”), and
Producer (Dealer/Lender) Name: _____________________________________________________________________________________
City, State, Zip: ____________________________________________________________________________________________________
WHEREAS, Company administers the GAP Program (herein referred to as “Program”) which is marketed to automobile purchasers by automobile
dealers and lenders.
WHEREAS, the Company will authorize Producer to issue GAP Agreements setting forth the debt relief terms and conditions.
WHEREAS, Producer desires to market and sell the benets of the Program.
NOW, therefore, in consideration of the mutual promises and covenants contained herein, it is agreed as follows:
1. Producer will be issued a master policy which insures the contractual obligations of the Producer for those GAP Agreements sold by the
Producer to its customers. In the event of termination, or any other material change in the terms and conditions of the above noted master policy
Company shall immediately notify Producer of said termination or material change.
2. Producer agrees to use the forms provided by Company and to comply with the terms of the Program and its procedures as provided by
Company. e Company represents and warrants to Producer that the Company’s GAP Program and its administration and the GAP Agreements
comply with all applicable federal and state laws and adequately and properly make all disclosures regarding the GAP coverage and limitations.
is provision shall survive the termination of the Program Agreement.
3. Producer agrees to have an exclusive relationship with RoadVantage on GAP business, which will result in having only one insurer processing
the Producer’s GAP business.
4. Company reserves the right to modify the Program terms, conditions, procedures and rates at any time given reasonable written notice to
Producer and Producer agrees to comply with said changes when same become eective. Any such modications shall only apply to GAP
Agreements entered into by Producer aer the date notice of such modication is received by Producer.
5. Program forms provided by Producer, are and shall remain the property of Company and shall be returned to Company in the event of the
withdrawal of Producer or termination of this Agreement.
6. Producer understands and agrees that only Company is authorized to administer Program claims.
7. Producer agrees to make no representations altering or modifying Program nor any GAP Agreement and Producer further understands and
agrees that it has no authority to bind Company in any manner other than as agreed herein and hereby.
8. Producer acknowledges that it is not an employee of Company and that it is acting solely as an independent contractor for all matters relating to
9. Producer further acknowledges that it will be responsible for, and agrees to pay, all expenses incurred by Producer in marketing the Program.
Producer shall furthermore be a duciary for the funds collected from customers and due Company.
10. Producer agrees to the requirement of submitting to Company no later than the 25th of each month, the following documents: (1) each GAP
Agreement Application signed by the customer; (2) a bordereau of all applications sold during the thirty (30) or thirty-one (31) days prior; and
(3) the required and agreed fee for each Agreement based upon the fee schedule in eect on the date this agreement is issued. All remittance
checks from Producer shall be payable to Company. is provision will survive the termination of this Agreement and will remain in eect as
long as Producer’s obligation to return or refund to Company may exist.
11. is Agreement may be terminated by either party, at any time, by sending written notice to the other party at the address set forth in this
Agreement. In the event of termination, Producer will have no further authority to market the Program. is Agreement shall also terminate,
without written notice if: (a) Producer ceases business operations; (b) Producer les for protection under the bankruptcy laws of the USA; (c)
Producer breaches any material portion of this Agreement; (d) Producer does not submit any applications for a period of 90 consecutive days.
Any termination will not aect the Company’s obligation to insure the contractual obligations under the GAP Agreements entered into by the
Producer prior to the termination, so long as Producer complies with section 9 above.
12. e Producer shall indemnify, hold harmless and defend Company against any and all claims, demands and actions for loss, liability, damage,
costs and expenses, including the cost of legal defense, caused by the wrongful act or wrongful omission to act by Producer, and its employees or
representatives, or caused by reason of Producer’s failure to comply with the terms and conditions of this Agreement or the Program rates and
procedures. Company shall indemnify, hold harmless and defend Producer (and its employees) against any and all claims, demands and actions
for loss, liability, damage, costs and expenses, including the cost of legal defense, caused by the wrongful act or wrongful omission to act by
Company, and its employees or representatives, or caused by reason of Company’s Program or its administration to fail to comply with applicable
law or the GAP Agreements failing to adequately and properly make all disclosures regarding the GAP coverage and limitations. is provision
shall survive the termination of the Program Agreement. Producer is liable for all claims and actions for all customer waiver agreements that are
not remitted to Company within 30 days of sale date.