Gap Protection

Closing the gap in protecting your current and future vehicle investment.

Protect Your Vehicle Investment, Not Just Its Value.
You could lose more than your vehicle, boat, molorcycle, or RV if it is stolen or involved in a major accident. You could lose your investment. Because most insurance policies only cover the value of your vehicle — something that rapidly declines during the first few years of ownership - your loan or lease balance could be higher than the value of your vehicle.

Now you can protect your vehicle, boat, motorcycle, or RV investment with Guaranteed Asset protection (GAP). GAP is a non-insurance product and is made available via a loan /lease deficiency waiver tha t covers the "gap" between the vehicles value and the amount you still owe. Essentially, GAP protects you and your entire investment from substantial loss.

What Does GAP Cover?
GAP was designed for all drivers, whether you finance or lease a new or used vehicle. It covers automobiles, vans, light trucks, motorcycles, boats, travel trailers, motor homes, golf carts, jet skis, snowmobiles and almost any other vehicle* GAP coverage goes into effect when you need it most - when your vehicle is stolen and isn't recovered, or is totaled in an accident and can't be repaired.

GAP covers the difference between your primary carrier insurance settlemen t and the payoff of your loan or lease, less delinquent payments, late charges, refundable service warranty contracts, and other insurance related charges. Included in this difference is your insurance deductible, which is limited to $1,000 .**

* Please consult your financing representative to determine if all of these collateral types are eligible for GAP protection.
** Deductible reimbursement is available in most, but not all states. Please consult your financing representative for the availability of this benefit.

A Typical Example: Let's say after one year, the vehicle you purchased for $25,000 is valued at just $16,000. You st ill owe $21,000 when it is stolen and never recovered or is involved in an accident in which it is damaged beyond repair. Most insurance policies will only reimburse you for the value of your vehicle, $16,000, leaving you to repay th e remaining loan balance of $5,000. GAP takes care of that $5,000 for you, including your insurance policy deductible, up to $1,000 .

GAP Advantage pays an additional $1,000 toward the financing or leasing of a replacement vehicle.

The GAP Advantage
The following is a typical example o f how GAP Advantage comes through tor you:

Original purchase price .......... $25,000
Loan balance after one year ....... $21,000
Insurance settlement covering vehicle's current value ........... $16,000

Your lost investment without GAP:

Your remaining unpaid loan balance (the "gap")........... $5,000
(Including your deductible, up to $1,000 )**

GAP pays the following toward the financing or leasing of a replacemen t vehicle:

GAP pays the difference........... $5,000
GAP Advantage also pays ......... $1,000

Total GAP Advantage Benefit............... $6,000

** Deductible reimbursement is available in most, but not all states. Please consult your financing representative for the availability of this benefit.