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American Financial Services Association

It’s Time to Fix the MLA

It’s Time to Fix the MLA

In The Hill today, AFSA President & CEO Bill Himpler lays out the need for the Pentagon to allow servicemembers to take advantage of Guaranteed Asset Protection, also known as a GAP waiver.

In the event of an accident, GAP covers the difference between what the insurer pays, its fair market value and the amount owed on the loan or lease. Under the Military Lending Act, servicemembers are not permitted to add GAP to their loan. Updating the MLA to allow servicemembers to use GAP insurance can help bring financial peace of mind to a group of consumers that need and deserve it most.

Read the full story at The Hill.

July 24th, 2019 by

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