Guaranteed Asset Protection (GAP) Insurance is a debt waiver that eliminates the out-of-pocket expense incurred should there be a difference between the actual cash value and loan payoff when a vehicle is stolen or totaled.

 

WHY GAP INSURANCE?

  • Vehicles lose 20% of their value the minute they are driven off the lot  
  • Vehicles continue to depreciate 15-20% per year of ownership  
  • Technology advancements are increasing the cost to repair vehicles and causing     more total losses  
  • Nearly 20% of accidents result in total loss  
  • 1 million cars are stolen annually with fewer than 60% recovered

BENEFITS OF GAP INSURANCE

  • Reduces or eliminates remaining loan balance after the insurance settlement  
  • May be financed with the loan  
  • Enables customer to finance a higher Loan to Value  
  • Helps eliminate “out-of-pocket” expense and eases burden of purchasing replacement vehicle  
  • Breaks cycle of being upside down  
  • Helps protect customer’s credit rating

GAP PROTECTION ELIGIBILITY

  • GAP protection can be purchased at any time during loan
  • Salvage or reconstructed title vehicles  
  • Vehicles that cannot be found in NADA publication  
  • Vehicles with equipment or conversion not installed by the manufacturer  
  • Leases or loans with a balloon payment

WHAT VEHICLES ARE NOT ELIGIBLE?

  • Salvage or reconstructed title vehicles  
  • Vehicles that cannot be found in NADA publication  
  • Vehicles with equipment or conversion not installed by the manufacturer  
  • Leases or loans with a balloon payment

Exclusions may apply - See insurance certificate for details | Not available in all states | Rates may differ based on state