Colorado § 5-9.3-101 Definitions

Colorado Statutes

§ 5-9.3-101 — Definitions

Colorado § 5-9.3-101

Title 05Consumer

Art.Guaranteed Asset Protection Agreements

This text of Colorado § 5-9.3-101 (Definitions) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 5-9.3-101 (2026).

Text

As used in this article 9.3, unless the context otherwise requires:

(1)Consumer finance agreement or finance agreement means a retail installment sales contract or consumer credit transaction, other than a consumer lease, for the purchase or refinance of a motor vehicle.

(2)Deficiency balance means the amount owed by the consumer under a consumer finance agreement at the time of a total loss of the consumer's motor vehicle that was collateral securing the consumer finance agreement, calculated in accordance with the terms of the finance agreement.

(3)Guaranteed asset protection administrator or GAP administrator means the person, other than the creditor or insurer, that performs the administrative or operational functions pursuant to the GAP agreement.

(4)(a) Guaranteed ass

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As used in this article 9.3, unless the context
otherwise requires:

(1) Consumer finance agreement or finance agreement means a retail
installment sales contract or consumer credit transaction, other than a consumer
lease, for the purchase or refinance of a motor vehicle.

(2) Deficiency balance means the amount owed by the consumer under a
consumer finance agreement at the time of a total loss of the consumer's motor
vehicle that was collateral securing the consumer finance agreement, calculated in
accordance with the terms of the finance agreement.

(3) Guaranteed asset protection administrator or GAP administrator
means the person, other than the creditor or insurer, that performs the
administrative or operational functions pursuant to the GAP agreement.

(4) (a) Guaranteed asset protection agreement or GAP agreement means
an agreement, structured as either an insurance policy or a contractual term, sold
or written in connection with a consumer finance agreement, that relieves all or part
of a consumer's liability for the deficiency balance remaining, after the payment of
all insurance proceeds, upon the total loss of the consumer's motor vehicle that
was collateral securing the consumer finance agreement, whether the loss
occurred from the total destruction of the motor vehicle, the unrecovered theft of
the motor vehicle, or both.

(b) A GAP agreement may also provide a consumer with a benefit that waives
a certain amount or provides a credit for a certain amount toward the purchase of a
replacement motor vehicle.

(5) Guaranteed asset protection fee or GAP fee means the fee, charge,
premium, or other amount that a creditor may charge a consumer for a guaranteed
asset protection agreement.

(6) Motor vehicle means a self-propelled or towed vehicle designed for
personal or commercial use, including but not limited to automobiles, trucks,
motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers,
boats, personal watercrafts, and related trailers.

(7) Original creditor means the creditor that makes or arranges a consumer
finance agreement with a consumer and to which the finance agreement is initially
payable. Original creditor does not include any assignee of the finance
agreement.

(8) Retail installment sales contract means a retail contract to sell a motor
vehicle to a consumer in which:

(a) The consumer agrees to pay the retail seller over time, in installments,
the cost of the motor vehicle plus interest; and

(b) The retail seller takes or retains a security interest in the motor vehicle.