GAP waiver formula:
If your vehicle is stolen and not recovered, totaled in an accident, or damaged beyond repair due to a natural disaster, your auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle’s actual cash value rather than the amount remaining on your loan. This could leave a financial “gap” of thousands of dollars.
Guaranteed Auto Protection offers financial protection and peace of mind, waiving or cancelling the remaining balance of your vehicle loan, after the payment from your insurance company.* Insurance deductible of up to $1,000 may also be covered.
* The amount cancelled could be limited if the amount of the loan or lease exceeds a certain percentage
of the actual value of the covered vehicle. The amounts cancelled vary, and there may be amounts
for which you remain liable. Please consult your GAP agreement for full details of the terms and
conditions of this coverage.
** The maximum amount cancelled may not apply in your state. Please
consult your GAP agreement for full details of the terms and conditions of this coverage.
If your vehicle is stolen and not recovered, totaled in an accident, or damaged beyond repair due to a natural disaster, your auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle’s actual cash value rather than the amount remaining on your loan. This could leave a financial “gap” of thousands of dollars.
Guaranteed Auto Protection offers financial protection and peace of mind, waiving or cancelling the remaining balance of your vehicle loan, after the payment from your insurance company.* Insurance deductible of up to $1,000 may also be covered.
