Back to Nisen & Elliott Home Page
Nisen & Elliott, LLC

200 West Adams Street | Suite 2500
Chicago, IL 60606
Phone: (312) 346-7800

Nisen & Elliott, LLC has provided banks, captive companies and independent finance companies with a 50 State Review of the refund requirements for GAP Waiver products

January 2019

Nisen & Elliott, LLC has provided banks, captive companies and independent finance companies with a 50 State Review of the refund requirements for GAP Waiver products. This project involved the analysis of state statutes and regulations along with confirmations with certain state regulation agencies.  The compliance guidance provided will enable our clients to navigate through an area of automotive finance law which has attracted significant attention by the federal and state regulators. Specifically, the review identifies those states where an auto finance lender has the obligation to refund a portion of the original cost of a GAP Waiver where there has been a prepayment of the underlying retail installment sale or lease contract.