Guaranteed Auto Protection (GAP) is a valuable benefit that is offered to borrowers as part of making an automobile, motorcycle or watercraft loan. It provides low cost protection that even the best of standard insurance policies do not provide. GAP helps assure loan payoff in the event the vehicle is totaled or stolen.
- Protects against financial loss in the event that your vehicle is totaled or stolen and never recovered
- Covers the difference between the market value of your vehicle and the loan balance (less some deductible charges)
- Covers your insurance deductible up to $1,000*
- Voluntary and not required for loan approval
- GAP is a loan/lease deficiency waiver and is not offered as insurance coverage