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GAP coverage
 
 

GAP is now available with your loan for $299.


What is GAP?
If a vehicle is totaled or stolen, the borrower's primary insurance company settlement can be significantly less than the outstanding loan or lease balance. This may create a deficiency balance or a "gap" resulting in a serious financial hardship for you, the borrower. The "gap" may even jeopardize repayment of the loan. GAP is designed to relieve you of the responsibility for the remainder of the loan or lease balance that your primary insurance carrier does not cover.

What does GAP cover?
GAP covers the difference between your outstanding loan or lease balance and the actual cash value of the vehicle (primary insurance company settlement). GAP also covers up to $1000 of the your deductible if there is a "gap" after the primary insurance settlement is paid. It is covered as part of the deficiency balance and is not paid directly to you.

Your Benefits

  • Low cost protections with a 60-day free look
  • Eliminates the out-of-pocket expense for the remaining loan balance after loss settlement
  • Helps you avoid financial hardship and afford a replacement vehicle
  • Prevents deficiency balance from being added to new loan
  • Helps protect your credit rating
Example:
Vehicle Actual Cash Value
$11,000
Insurance Deductible
$     500
 
Balance
$10,500
   
Outstanding Loan Balance
$15,000
Insurance Settlement (Above)
$10,500
 
   
Remaining Balance
$ 4,500
Your GAP Amount
$ 4,500
   
Without GAP, you remain liable for the remaining balance.*

* Some limitations may apply.
Contact your local branch office or call 1-800-793-0508 for complete product details.
 
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