Guaranteed Asset Protection

Guaranteed Asset Protection

Guaranteed Asset Protection Insurance (GAP)

This insurance is designed to protect you when a gap exists between the actual value of your vehicle and the amount of money you owe on your loan.

Initially, your loan balance will possibly exceed the value of the vehicle you have financed. This is especially true if you use a small down payment or are not required to make a down payment at the time of purchase.

If your vehicle is stolen or totaled in an accident, your auto insurance company will cover only the replacement value of the vehicle. The remainder of the loan balance becomes your responsibility to pay and the replacement value is not always enough to cover the balance of the loan. GAP is designed to cover that difference.

Benefits of GAP protection are:

Protection from financial loss
Protection of your credit rating
Protection for the term of loan (up to 72 months)
Coverage for auto insurance deductibles
Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles
It gives you peace of mind that you are covered in case of loss