Coverage for life's detours.
Guaranteed Asset Protection (GAP) can help reduce or eliminate those out-of-pocket expenses, giving you added peace of mind when your vehicle is totaled or stolen and not recovered.
Benefits include:
- Covering the difference between your vehicle’s insurance settlement and the remaining balance on your auto loan
- Potentially reducing or eliminating the amount you owe after the insurance settlement is applied
- Providing added financial protection when the unexpected happens
- Flexibility when you close your auto loan or within the first year of the loan
For the greatest potential value, add GAP when you close on your auto loan, or within the first year of your loan.
More value with GAP.
GAP Advantage may provide you with up to $1,000 toward your next vehicle loan if your vehicle is declared a total loss and you return to finance another vehicle with us. Even if your insurance settlement pays off your loan balance, you may still be eligible for this benefit.*
Why not try GAP stress free?
Explore whether this coverage is right for you. If you cancel within the first 60 days, you'll receive a full refund.
What does GAP not cover?
Limitations:
- Any delinquent/skipped/missed payments in excess of the maximum allowable. GAP covers two (2) delinquent/ skipped/missed payment per year for the life of a loan
- Portion of the loan at origination that exceeds 150% of MSRP (new auto, van, light truck) or 150% J.D. Power (used auto, van, light truck)
- Maximum Limit of Liability for any claim shall not exceed $50,000
Exclusions:
- Auto Loans with terms longer than 84 months
- Additional Collateral Loans with a term longer than 240 months. Coverage will not exceed 84 months
- Commercial vehicles, rental vehicles, taxi cabs, buses, limousines, salvage vehicles
- Loss occurring prior to the date of the GAP policy
- Late charges, other fees or amounts that are built into or added to the loan balance after the inception date of the loan
- Intentional acts of the borrower
- Any type of vehicle not currently listed in J.D. Power/KBB
- Conversion costs that are not a part of the amount financed
- Loans where the payment is due more than 90 days after the finance date
- Past due payments or any other charges such as interest that occur after the date of loss
How do I cancel my GAP coverage?
To cancel your GAP coverage within the first 60 days, call 800.948.6677 and speak to a Member Representative.
This insurance is optional. Purchase is not required to obtain credit or to obtain credit on particular terms.
*Partners financed Auto Loans only. Other restrictions may apply. See a Partners Representative for more details. GAP and deductible reimbursement benefits are available in Florida and California, but not all states. Please consult Partners for availability.