What is Guaranteed Asset Protection?
How does GAP work?
The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. Not available in NY or AK.
1 Deductible waiver is available in most, but not all states. Please consult your financing representative for the availability of this benefit.
2 GAP Advantage is available in most, but not all states. Replacement vehicle must be financed with in a limited time from the date of loss.
Please consult your financing representative for the availability and details of this benefit.
3 GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum.Go to main navigation