Financial GAP Protection

There’s a good chance your vehicle’s value will decline faster than your lease or loan balance. If your vehicle is written-off due to accident or theft, you could be responsible for paying thousands of dollars. It’s called negative equity, or being “upside down” and it’s fairly common.

GAP Financial Protection covers up to $30,000 of the negative equity deficit between what your insurance company will pay if your vehicle is written-off due to an accident or theft and what you actually owe, or your loan balance.

 

GAP Example:

Balance Owing on the Vehicle	$16,000
Insurance Settlement	-$12,000
Less: Your Deductible	+$1,000
Leaves you short with a GAP of	$5,000
Financial GAP Protection pays	-$5,000
Out of Pocket Expenses with GAP	$0

 

GAP is low cost coverage, it saves you from making payments on a vehicle you no longer have.