Guaranteed Asset Protection (GAP)
A car will depreciate up to 20% in value the minute you drive it off the dealer's lot. If you finance a vehicle, you may owe more on it than it's worth. If you are in an accident that is serious enough to total the car or the car is stolen, your insurance company is not going to write you a check for what the car was worth before you took it off the dealer's lot.
find out after an incident
the vehicle's cash value is lower than the amount you owe, you are still
responsible for the difference. This situation is called being upside
down on the loan. You owe more on the asset than it is currently
worth. GAP coverage is designed to bridge the gap between the
balance and the cash value of the vehicle.
- For new and used vehicles sold at new-car franchised dealerships
- Simple rate structure
- Maximum finance term of 84 months
- Amount financed can be up to 150% of MSRP on new vehicles or NADA retail value on used vehicles
- Award-winning service
- Backed by one of the nation's oldest and largest insurers
- Provides up to $50,000 to pay the remaining loan or lease balance
- Covers up to $1,000 of the insurance deductible
Includes all the benefits of GAP AdvantageSM, plus:
- $1,000 discount allowance on a replacement vehicle purchased at the selling dealership (state restrictions may apply)
Please refer to the actual GAP waiver for current details regarding specific coverage, benefits, exclusions and state restrictions.