Millions of vehicles are totaled each year by collision, theft, and natural disasters. Unfortunately, many customers are surprised to learn that their auto insurance settlement is thousands of dollars less than what they still owe on their loan or lease. Why?
The market value of your vehicle starts to depreciate the moment you take possession, and for the first few years of ownership is likely to continue to depreciate faster than the balance of your loan or lease.
There's a good chance that if a total loss happens to you, you will still be held responsible for the difference between the insurance settlement and your remaining loan or lease balance, in addition to your deductible.
For a very affordable cost, you can protect yourself against a potential financial burden, and safeguard your hard-earned credit.
Just ask your dealer, lender, or lessor about purchasing a GAP Addendum. One of our GAP programs is bound to be right for you.
GAP Protection is a simple concept. It is an agreement between you and your lender or leasing company to waive the difference between your outstanding loan or lease balance and the actual cash value of your vehicle on the date of loss (typically your primary insurance settlement).