Are you financing more than 70% of your vehicles MSRP?
Are you financing any negative equity?
Are you financing your taxes?
If you answered Yes; to any one of these questions; You do not have full coverage protection!
Your auto insurance policy is only obligated to pay the actual cash value of your vehicle, not the loan amount in the event of a total loss.
Guaranteed Automobile Protection (GAP) gives you complete assurance! If your vehicle is deemed a total loss, GAP helps take care of the difference between what your insurance company pays and the loan amount.
Protect yourself and get Full Coverage Protection!
How GAP payment works
Finance Contract Outstanding Balance*
$25,000
Vehicle Actual Cash Value*
-$17,500
Your Total Out of Pocket Obligation
-$7,500
GAP Payment
$7,500
Your Total Out of Pocket Obligation
-$7,500
Total Owed on Finance Contract* (GAP GRAPH .EPS)
$0
*The above examples are for illustration purposes only. In some circumstances (such as past due payments, deferred payments, interest charges, delayed insurance settlement, or other plan limitations) the Guaranteed Automobile Protection may not take care of the entire GAP. Programs vary by state. For complete terms and conditions, see the Debt Waiver Addendum/GAP Certificate applicable to your state.
