Le Lézard
Classified in: Transportation
Subject: AVO

States Approve New Protections for Consumers Purchasing Service Contracts for Second Straight Year


TALLAHASSEE, Fla., Oct. 16, 2019 /PRNewswire/ -- A trio of industry groups hailed state legislatures across the nation for continued progress in passing new protections for consumers who purchase service contracts or GAP waivers for their vehicles. The Service Contract Industry Council (SCIC), Motor Vehicle Protection Products Association (MVPPA), and Guaranteed Asset Protection Alliance (GAPA) successfully promoted new regulations and guidelines to help owners protect their vehicles.

Among the new state consumer protection laws:

"Service contracts and GAP waivers exist to help consumers," said Tim Meenan, SCIC executive director. "These industry groups are proud to have spurred important changes that better protect consumers."

A GAP waiver is an agreement between a borrower and their creditors designed to cancel some or all of the remaining balance after a total loss. A GAP waiver is not insurance or a warranty but can provide certain financial security for the owner of a vehicle.

This year's legislation follows a half-dozen new laws passed last year around the nation, enhancing consumer protections in this area. Legislation enacted in Idaho, Minnesota, Utah, Mississippi, West Virginia, and Wisconsin last year added protections to be covered by service contracts and ensuring that consumers are fully informed about their service contracts.

SOURCE Guaranteed Asset Protection Alliance (GAPA); Motor Vehicle Protection Products Association (MVPPA); Service Contract Industry Council (SCIC)


These press releases may also interest you

at 14:30
On Monday September 21, 2020 Unifor's National President will provide an update live on Facebook about the progress of negotiations with Ford Motor Company in advance of the 11:59 pm strike deadline. WHAT: News Conference to update media on auto...

at 12:10
When insuring a new car, owners have the unpleasant surprise of finding that the costs are really high. This is why drivers should consider getting quotes before buying a car. The main arguments used by insurance companies are the following: New...

at 08:05
CN is offering members of the media the opportunity to talk with uniformed police officers during Rail Safety Week, from September 21-27, about the importance of rail safety at crossings and the dangers of trespassing. Members of the CN Police...

19 sep 2020
Cheapquotesautoinsurance.com has released a new blog post that explains when drivers should drop full coverage, thus saving important sums of money on car insurance. For more info and free car insurance quotes online, visit...

19 sep 2020
CN is offering members of the media the opportunity to talk with uniformed police officers during Rail Safety Week, from September 21-27, about the importance of rail safety at crossings and the dangers of trespassing. Members of the CN Police...

19 sep 2020
Individuals in the Waco or Central Texas area who are looking to get behind the wheel of a new luxury SUV will find that the 2020 Buick Enclave fits the bill. From now until Oct. 5 shoppers can receive $8,000 any new 2020 Buick Enclave in stock at...



News published on 16 october 2019 at 17:16 and distributed by: