WHAT IS GUARANTEED ASSET PROTECTION (GAP)?
GAP is a voluntary, non-insurance product designed to waive the remaining loan balance not covered by the borrower’s primary insurance carrier settlement in the event of a total loss or unrecovered theft. Subject to limitations and exclusions, including but not limited to loan-to-value (LTV) maximum, delinquent payments, late charges, refundable service warranty contracts, and other insurance-related charges.
HOW DOES GAP WORK?
The actual cash value of your vehicle, as determined by your primary
insurance carrier, could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum loan-to-value (LTV) of 130%.
BENEFITS OF GAP
Auto Deductible Reimbursement (ADR)
GAP covers up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. Not available in NY or AK.
GAP Advantages
GAP Advantage provides you with a $1,000 credit towards financing a replacement vehicle financed with us!
Contact us with any questions at 352-588-2732 Ext. 2231 or Ext. 3226
