Guaranteed Asset Protection (GAP)

In the event your vehicle is stolen and never recovered or damaged beyond repair, GAP waives the difference between your primary carrier’s insurance settlement and the payoff of your loan or lease up to a certain amount, less delinquent payments, late charges, refundable service warranty contracts, and other insurance related charges. Included in this difference is your insurance deductible, up to $1,000.* Guaranteed Asset Protection (GAP) is a voluntary, non-insurance program that is offered as protection on your financed vehicle to enhance, rather than replace, your standard comprehensive, collision, or liability coverage.

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

EXAMPLE:

The following is an example of GAP in action:

Your one-year-old financed vehicle is totaled beyond repair… Your loan balance is $15,000. Your loan company settlement is $10,000 based on your vehicle’s market value ($11,000) less your insurance deductible $1,000.

Total amount you owe without GAP: $5,000

TOTAL AMOUNT YOU OWE WITH GAP: $0

Who Does GAP Protect?

GAP is designed for all drivers, whether you are financing or leasing a new or used vehicle. Most automobiles, vans, light trucks, and motorcycles are eligible.**

**GAP is subject to limitations and exclusions. Please see the GAP Waiver for a complete list of program terms and conditions or consult your financing representative to determine if your vehicle is eligible for GAP.

Ask your lending representative to add GAP your loan or contact the Lending Center at 1-800-225-1859 to learn more.

Important Disclosures Regarding the Program

(1) This product is optional. Gap is a loan/lease deficiency waiver and is not offered as insurance coverage. Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credit agreement you have with us.

(2) We will give you additional information before you are required to pay for the program. This information will include your cost and a copy of the contract, containing the terms and conditions of this program.

(3) There are eligibility requirements, conditions, limitations and exclusions that could prevent you from receiving benefits under the program. You should carefully read the contract for a full explanation of the terms and conditions of the program.