 |
|
 |
|
| What is Guaranteed Auto Protection? | |
| Guaranteed Auto Protection, or GAP, offers protection against financial liability for individuals who finance a new or used vehicle. GAP protects against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered. With GAP, the covered deficiency balance is then waived. | |
| What Does GAP Cover? | |
| In today's automobile market, during the first few years that you own your vehicle, your loan/lease balance can be higher than the actual value of your car, as a result of depreciation. As your car's value declines, your loan/lease balance can be significantly higher. If your car were stolen, or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan/lease balance. | |
| GAP covers the difference between the market value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. In the event a deficiency exists, our program will cover your insurance deductible, up to $1,000. | |
|
|
|
