Guaranteed Asset Protection (GAP)

GAP waives the deficiency balance on your loan in the event of a total loss of your vehicle*

In the event of theft or total loss of your vehicle, most insurance companies only pay the Actual Cash Value of the vehicle at the time of the loss. Your remaining loan balance could be much greater than the Actual Cash Value of your vehicle creating a deficiency of several thousand dollars that you're liable for!

What is the "GAP" on your vehicle? You may be surprised at the answer!

GAP offers an additional measure of family security and peace-of-mind by reducing the financial burden that may be incurred if your vehicle is stolen or totaled. Additionally, GAP prevents the deficiency loan balance from being added to a new loan in the event of a total loss, and serves to protect your credit rating.

Easy to Purchase

GAP can be included in the amount financed with the loan. Coverage takes effect immediately upon loan dispersal.

Covers Primary Insurance Deductible

GAP covers the owner's primary insurance deductible up to $1,000.00 if there is a gap after the primary insurance settlement is paid. This results in another reduced financial burden associated with a vehicle being stolen or totaled, and is one more way in which GAP provides peace-of-mind.

How GAP Works - A Typical Example

Your one-year-old financed vehicle is totaled beyond repair…

Your loan balance is                                                 $15,000

Your insurance company settlement is                 $10,000

Based on your vehicle’s market value                   $11,000

Less your insurance deductible                              $1,000

Total amount you owe without GAP                     $5,000

Total amount you owe with GAP -                  $0

To learn more, speak to a loan officer.


* Your purchase of GAP is optional. Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credit agreement you have with us. We will give you additional information before you are required to pay for GAP. This information will include a copy of the GAP Waiver which will contain the terms and conditions of GAP benefit.  There are eligibility requirements, conditions, and exclusions, including a loan-to-value maximum that may cap the benefit you receive from GAP.  You should carefully read your GAP Waiver for a full explanation of the benefits, rules, terms and conditions of the program.

** Deductible reimbursement is available in most, but not all states. Please ask your loan officer for the availability of this benefit.