Q: What is Guaranteed Asset Protection (GAP), and who pays for it?

If your vehicle is totaled in an accident or stolen and never recovered, GAP eliminates or reduces your loan balance following an insurance payout.

For example: If your loan balance at the time of the incident is $25,000 and your vehicle is worth $20,000, you could have a $5,000 remaining balance on your loan after the insurance payout. GAP is designed to pay this remaining balance (less delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges).

You can purchase GAP at the time of loan financing or up to one year later. Click here for more information.