what is a gap waiver 
a gap waiver which stands for guaranteed asset protection waiver is a waiver that absolves a person of the remaining payments on an asset that has been destroyed typically a car this means that if someone owed money on a car and the car was damaged beyond salvaging they are not responsible for the remaining payments a gap waiver could also be considered a cancellation of debt the bottom linea waiver can be a great way to finalize an agreement between two parties ending their relationship and mitigating future risk however there are significant drawbacks to waivers especially if there are legitimate legal claims that may arise in the future waivers can be commonplace such as when negotiating construction contracts and usually exist for the protection of each individual party whether a waiver is advantageous or even necessary depends on the unique circumstances of each event 