Are you financing more than 70% of your vehicles MSRP?
Are you financing any negative equity?
Are you financing your taxes?
If you answered "Yes" to any one of these questions? You do not have full coverage protection!
Your
auto insurance policy is only obligated to pay the actual cash value of
your vehicle, not the loan amount in the event of a total loss.
Guaranteed
Automobile Protection (GAP) gives you complete assurance! If your
vehicle is deemed a total loss, GAP helps take care of the difference
between what your insurance company pays and the loan amount.
Protect yourself and get Full Coverage Protection!
How GAP payment works:
Finance Contract Outstanding Balance*
$25,000
Vehicle Actual Cash Value*
-$17,500
Your Total Out of Pocket Obligation
-$7,500
GAP Payment
$7,500
Your Total Out of Pocket Obligation
-$7,500
Total Owed on Finance Contract*
$0
(GAP GRAPH .EPS)
*The
above examples are for illustration purposes only. In some
circumstances (such as past due payments, deferred payments, interest
charges, delayed insurance settlement, or other plan limitations) the
Guaranteed Automobile Protection may not take care of the entire GAP.
Programs vary by state. For complete terms and conditions, see the Debt
Waiver Addendum/GAP Certificate applicable to your state.