Guaranteed Asset Protection
Guaranteed Asset Protection, or GAP, is a voluntary, non-insurance program offered as protection on your financed vehicle to enhance, rather than replace, your standard insurance coverage. GAP waives the difference between your primary insurance company’s settlement and the payoff of your loan balance up to a certain loan to value maximum, less exclusions or limitations that may apply. The loan to value maximum is determined by comparing the total amount originally financed to the vehicle’s value at the start of the loan. Included in this waiver is your insurance deductible, up to $1,000.1
Reliable Coverage
Maximum benefit up to $50,000
Affordable Cost
Only $XXX, which can be rolled into your auto loan, giving you one easy payment
Flexible Protection
Enroll any time during your loan’s term
Auto Deductible Reimbursement
Additional protection provides financial relief when your vehicle is damaged, but not deemed a total loss
WHO DOES GAP PROTECT?
Gap Insurance – including Auto Deductible Reimbursement!
HOW IT WORKS
The following is an example of GAP in action:
Your financed vehicle is totaled beyond repair…
| Your loan balance is | $15,000.00 |
| Your insurance company settlement is | $10,000.00 |
| based on your vehicle’s market value | $11,000.00 |
| less your insurance deductible | $1,000.00 |
| Loan balance remaining without protection | $5,000.00 |
| Loan balance remaining with protection | $0.00 |
Automatically included in your Gap Insurance is our Auto Deductible Reimbursement -
Auto Deductible Reimbursement
Pays up to five hundred dollars ($500) per Loss (UNLIMITED losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title, registration or loan document, AND insured under an Auto Insurance Policy designating the Member as the Named Insured.
- Loss means an event for which the auto insurance company has approved and paid a collision or comprehensive claim which exceeds the Auto Insurance Policy deductible for the Covered Auto.
- Coverage is effective upon date of enrollment and will continue for 3 year(s) depending on the benefit period provided.
For more information about Guaranteed Auto Protection, ask a loan officer.
1 Deductible waiver is available in most, but not all states. Please consult your financing representative for the availability of this benefit.
2 GAP is subject to limitations and exclusions, please consult your financing representative to determine if your vehicle is eligible for GAP.