GAP Coverage

GAP is available with your loan for a very low $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
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)	$15,000
Remaining Balance	$4,500
Your GAP Amount	$4,500
Without GAP, you remain liable for the remaining balance.*