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If a car is stolen and unrecoverable, or totaled in an accident, an insurance company may only pay what it’s worth. This can often be thousands of dollars less than what is still owed. Guaranteed Asset Protection (GAP) Program can help bridge the gap.
The GAP Program is designed to waive the difference between the car’s market value and the Retail Installment Sales Contract/Lease Agreement balance*. GAP takes over where the automobile insurance company leaves off. The GAP Program is an option available only at the time the customer signs the Retail Installment Sales Contract/Lease Agreement. It cannot be added later, so they should consider whether they can afford to pay off the remaining balance of your Retail Installment Sales Contract/Lease Agreement should the vehicle be stolen and unrecoverable, or totaled next week or next year.
The GAP Program may waive any remaining balance due on the Retail Installment Sales Contract/Lease Agreement after the payment from the automobile insurance company. Plus, GAP may waive the insurance deductible up to a $1,000 maximum. In other words, should a balance be left over after the automobile insurance pays the market or cash value, all the customer could have to pay is the remainder of the insurance deductible, if any.
- Protects new or used vehicles valued up to $100,000
- Reimburses the insurance deductible amount up to $1,000
- Waives covered losses up to $50,000
For illustrative purposes only. Neither this brochure, nor the corresponding Agreement, is an insurance product.
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