YOUR AUTO INSURANCE DOES NOT COVER EVERYTHING
There is a big difference between what your insurance will pay and what you owe on your loan.
Most cars depreciate by thousands of dollars as soon as they are purchased. And if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference, the "gap" between your insurer's settlement and your loan balance. That gap will come out of your pocket for a vehicle that, for all practical purposes, no longer exists.
Guaranteed Asset Protection (GAP) could save you thousands of dollars
GAP is low-cost coverage that pays the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.
For just a few dollars a month, GAP can save you from making loan payments on a car, truck or other vehicle that's beyond repair, or stolen and not recovered.
It's easy to be covered. You can sign up for GAP when you apply for your vehicle loan. There's no underwriting, no red tape, no hassles. And for your convenience, the amount can be rolled into your monthly loan payment.
Ask about GAP for your next vehicle loan. GAP provides security for financial loss and includes:
- Protection for the term of your loan, up to 84 months
- Coverage for vehicles valued up to $100,000 at time of purchase.
- Payment of benefits up to $50,000.
- Coverage for auto insurance deductibles as part of the GAP claim settlement up to $1,000 and where allowed by law.
- Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles.
Make sure you fill in the GAP!
Protect your family, your car and your credit rating with protection solutions. Contact you loan officers for a quote.
The information contained in this brochure is intended to provide a general outline of the benefits of Guaranteed Asset Protection, and should not be relied upon as providing all benefits and limitations when purchasing this protection. Be sure to carefully read your GAP waiver or policy/certificate of insurance for complete details, including any coverage limitations.