Its called the
gap? It's the difference between the actual value of your
car and the amount on your auto loan or lease at the time of a total
loss. In the first two or three years of ownership, your car may
actually be worth less than your your loan payoff.
If your car were a total loss, this gap could translate into thousands of dollars that you would still owe after your insurance paid you the actual cash value of your vehicle
*This is not an insurance product.GAP Protection
In the event of a total loss, any remaining balance due on your loan or lease after the payment from your insurance company is waived by the dealer/lender.** In other words, should a balance be left over after your insurance pays the market or cash value, all you will have to pay is your insurance deductible.
** Does not include any late fees or past due amounts.
Protect your investment and give yourself peace of mind.
Contact Sohail Butt, Finance Director for more info
1-800-952-0950
Limitations of Coverage
This information is intended
to provide only an outline of the terms and conditions of the Total Loss
Protection/GAP Program described in this brochure and should not be
relied upon at time of purchase of your vehicle. For exact terms and
conditions, please review the Total Loss Protection/GAP Addendum
itself.Guaranteed Auto Protection (GAP) Program provides retail or lease customers with one very significant benefit- peace of mind. This peace of mind comes from knowing that you and your family are protected from the burden of an unexpected financial obligation if your vehicle is declared a total loss.
The primary auto insurance settlement is generally based on market value of the vehicle. This amount may be substantially less than the balance due on the vehicle. GAP program pays the difference between the retail/lease contract and your vehicle's market value.