Close the Gap.Drive Covered.
If your financed vehicle is totaled or stolen, GAP protection can waive what you still owe after insurance pays.
Why GAP Protection
Most vehicles lose value faster than their loans are paid down. If your vehicle is totaled or stolen and not recovered, your auto insurance pays its actual cash value, which can be less than what you still owe. GAP protection waives that difference, so you aren't making payments on a car you no longer have.
How It Works
- Your vehicle is declared a total loss, and your primary auto insurance pays its actual cash value.
- GAP protection waives the remaining balance on your financing agreement, up to $50,000.
- Up to $1,000 of your insurance deductible is waived too.
When GAP Makes Sense
Little down
You put little or nothing down.
Longer term
You financed for a longer term.
Negative equity
You rolled negative equity from a trade into your new loan.
Good to Know
- Available only when you finance, and purchased the day your financing agreement is signed.
- Coverage lasts for the term of your financing agreement, up to 84 months.
- Coverage ends if you refinance and does not transfer to another vehicle or financing agreement.
- Any amount financed above 150% of MSRP (new vehicles) or NADA retail value (used vehicles) is not covered.
- You must keep primary auto insurance on the vehicle. Deductibles over $1,000 and amounts the contract excludes remain your responsibility.
- Change your mind? Cancel any time before a loss. Cancel within 30 days for a full refund; after that, a prorated refund applies, less a $50 fee.
Finance With Confidence
Ask your client advisor whether GAP protection fits your financing.
GAP protection is a GAP waiver addendum to your financing agreement. It is optional, is not insurance, and is not required to buy or finance a vehicle. It does not replace liability, collision or comprehensive insurance. Benefits, limits and exclusions are governed by the contract. See your client advisor for details.
