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GAP |
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Guaranteed Asset Protection (GAP) GAP protects you against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered. As the vehicle's value declines as a result of depreciation, your loan balance can be significantly higher than the value of your vehicle. Without GAP, if your vehicle is stolen or totaled, you would be responsible for paying the difference between your insurance settlement and your outstanding loan balance. However, with the purchase of GAP, the covered deficiency balance is waived.
GAP protects your credit rating by reducing or eliminating your responsibility for the unpaid loan balance in the event the vehicle is stolen or damaged beyond repair. GAP will put you back into a vehicle sooner because you will be free of the financial burden carried over from a previous vehicle loan balance. GAP reduces or eliminates "out-of-pocket" expenses frequently needed to take care of the remaining loan balance after the loss settlement. What Does the GAP Waiver Cover? The GAP Waiver covers the difference between the Actual Cash Value (ACV) of the vehicle (primary insurance settlement) and the outstanding loan balance at the time of loss, less any insurance products purchased from the dealer. The purchase of GAP is completely voluntary. However, it is a great addition to your coverage and it will provide added peace of mind and extra security for you. Contact the Loan Dept. at (361) 985-6010 for more information.
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