Most cars depreciate by thousands of dollars as soon as they are purchased. And if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared a total loss, you will still be liable to pay the difference: the “gap” between the insurance settlement and your loan balance.
Guaranteed Asset Protection (GAP) is coverage that pays the difference between your primary insurer’s settlement and the loan balance on items directly related to the purchase of the vehicle. GAP is low-cost coverage for a potentially high cost expense.
Ask your loan officer about GAP coverage today!