Auto Gap Protection

Financial Auto Gap Protection
Gap Insurance

GAP is available with your loan for a very low $349.*

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?

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.

Your Benefits

  • Low cost protections
  • 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

Gap Protection Example

Coverage

Value

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.