4. coverage. This means that in the event of a total loss involving the subject vehicle, Buyer will remain obligated to Seller for the amount of any such deductible, in addition to such other portion of the Deficiency not waived in accordance with this GAP Waiver Addendum.
The GAP WAIVER provided in this GAP Waiver Addendum does not include any deductible amount included in Buyer’s collision or comprehensive insurance
The GAP Waiver provided in this GAP Waiver Addendum shall not be effective with respect to the occurrence of ANY of the following:
a. vehicle on the part of the Buyer or on the part of any driver of the subject vehicle, or in the event the damage or theft occurs in connection with the use by the driver of alcohol or illegal drugs, or as to any use of the subject vehicle by a driver who fails to possess a lawful driver’s license or permit; b.in the event the subject vehicle is seized or confiscated by or at the direction of law enforcement or any governmental agency;
in the event the damage to the subject vehicle or theft is the result of intentional or careless or reckless conduct, speed racing, or off-road use of the subject
is the subject of repossession or execution on account of any judgment or debt;
in the event of dishonesty or fraud on the part of Buyer or the submission of any false, misleading, incomplete, or fraudulent information or documents in or as part of Buyer’s application for credit;
e. breakdown or equipment failure is the direct and proximate result of an accident or collision compensable under Buyer’s collision insurance or an applicable property damage coverage provision contained under a third party’s liability insurance policy.
in the event of mechanical breakdown, gradual wear and tear, or equipment failure involving the subject vehicle, except insofar as such mechanical
in the event of any collision or damage to the subject vehicle which is not determined to be a “total loss” as defined in this GAP Waiver Addendum; or
in the event that the collision, other accident, or unrecovered theft involving the subject vehicle occurs outside the United States of America.
6. to promptly and diligently file a property damage claim with Buyer’s collision and comprehensive insurance carrier and, if applicable, with the liability insurance carriers of the other involved parties. Buyer agrees to promptly provide whatever information and documentation are reasonably required by such insurance carriers or by Seller in order to make certain that the insurance claim is processed expeditiously. Buyer hereby assigns to Seller Buyer’s interest in any insurance proceeds paid or payable to Buyer on account of any damage to or theft of the subject vehicle. Buyer authorizes Buyer’s collision and comprehensive insurance carrier and any other insurance carriers involved in adjusting the amount of the total loss related to the subject vehicle to release to Seller any and all premium payment records, as well as all documents used by the respective insurance carriers in determining the amount of any payment due Buyer on account of any total loss related to the subject vehicle, including, but not limited to settlement statements, insurance evaluation, and the declaration page. Buyer agrees to execute any documents required in order to effectuate the assignment to Seller of all insurance proceeds related to damage to or the theft of the subject vehicle.
In the event significant damage has occurred to the subject vehicle following a collision or other accident, or in the event of a theft of the subject vehicle, Buyer agrees
7. events: (1) at such time as all of Buyer’s obligations under the Retail Installment Sale Contract have been paid and satisfied in full; or (2) at such time as the term of the Retail Installment Sale Contract has expired. Likewise, upon providing the GAP Waiver for the benefit of the Buyer against the Deficiency to the extent required under this GAP Waiver Addendum, all of the duties and obligations of Seller under this GAP Waiver Addendum shall be deemed satisfied in full.
All of the duties and obligations of Seller under this GAP Waiver Addendum shall be deemed satisfied in full upon the occurrence of the earlier of the following two
8. of the Retail Installment Sale Contract or this GAP Waiver Addendum. In the event Buyer enters into any contract or agreement to refinance Buyer’s obligations under the Retail Installment Sale Contract, Buyer understands and agrees that such refinancing shall result in the termination of this GAP Waiver Addendum, such that in the event Buyer desires a GAP Waiver for the refinancing, Buyer shall be required to pay for and enter into a new GAP Waiver Addendum.
No total, partial, or pro-rata refund or repayment of the GAP Waiver Fee shall be payable to the Buyer in the event of the early termination, cancellation, or satisfaction
9. collision or property damage insurance, does not provide general liability coverage, nor does it fulfill the requirements of state laws requiring motorists to maintain insurance coverage.
The GAP Waiver provided in this GAP Waiver Addendum is in the nature of debt forgiveness and not insurance. This GAP Waiver Addendum is not a substitute for
10. subject vehicle without the prior written consent of Seller. However, if Buyer and Seller agree in writing to a substitution of collateral for the subject vehicle under the Retail Installment Sale Contract, the GAP Waiver provided in this GAP Waiver Addendum shall be applicable to the vehicle substituted as collateral. This GAP Waiver Addendum shall be freely transferable by Seller without the prior consent of the Buyer.
This GAP Waiver Addendum may not be transferred or assigned by Buyer to any other person or entity or to provide a GAP Waiver for any vehicle other than the
11. Association (“AAA” The arbitration hearing shall be held at the office of the AAA in closest proximity to North Olmstead. Either party may enforce any arbitration award entered in accordance with this paragraph in any court of competent jurisdiction. Buyer and Seller expressly agree that any claim or dispute must be arbitrated on an individual basis and not as a class action. To the fullest extent allowable under the law, Buyer expressly waives any right to arbitrate any claim or dispute as a class action or in a private attorney general capacity and there shall be no joinder or consolidation of parties, except as to parties to the same contract.
Any dispute arising out of this GAP Waiver Addendum shall be resolved by mandatory and binding arbitration in accordance with the rules of the American Arbitration
This GAP Waiver Addendum contains the entire agreement between the parties on all matters and subjects addressed herein and may not be modified except by written agreement executed by the parties in accordance with the same formalities of this instrument.
13. unenforceability shall not be deemed to affect the validity or enforceability of all remaining terms and conditions.
If any term or provision contained in this GAP Waiver Addendum shall be held, by a court or arbitrator, to be invalid or unenforceable, such invalidity or
This GAP Waiver Addendum shall be interpreted and enforced in accordance with the laws of the State of Ohio.
The terms and provisions contained in this GAP Waiver Addendum shall inure to the benefit of the parties hereto, and to their respective heirs, successors, personal representatives, agents, or assigns, as permitted by the terms of this GAP Waiver Addendum.