Guaranteed Asset ProtectionProtect your investment with this valuable and affordable option
Protection (GAP) is a voluntary program that we offer for your new or used vehicle loan. This financial protection
covers the difference in the balance on a car and its declared value, as determined by your primary insurance carrier, in the event that it is damaged beyond repair
or stolen and never recovered. GAP is not an offer of insurance and does not replace your standard Comprehensive, Collision and Liability coverages, only enhances them.
No matter how terrific a car is, the minute you drive it out of the show room it is worth less. Depending on where you live, the established market value could be
less than the actual balance you owe on your car. With GAP, if your car is a loss, the deficiency will be covered. That includes the difference between your primary
carrier’s insurance settlement and the payoff of your loan, less delinquent payments, late charges, refundable service warranties, and other insurance related charges.
Included in the GAP payment is your primary insurance deductible, which is covered up to $1,000 if a deficiency exists.
Consider; you buy a car. The loan balance after one year is $15,000. The market value is $11,000. Your insurance deductible is $1,000. You total the car, and
your insurance company pays $10,000. That leaves a difference of $5,000. $5,000 you would have to pay for a car that you no longer have! With GAP, that $5,000 is
paid. Think about it!