Guaranteed Asset Protection (GAP)

On average, the typical new car loses 11% of its value the second you drive it off the lot.* In addition to this, if your vehicle is totaled or stolen and not recovered, your standard auto insurance policy may not cover the remaining balance of your auto loan, leaving you with the balance on a vehicle you no longer drive.

GAP can pay up to the remaining balance of your auto loan after an insurance payout, protecting you from a financial loss. A totaled car does not have to be a total loss when you have GAP.

What does GAP protect?

GAP is designed for your protection whether you finance a new or used vehicle. Ask your loan representative if your vehicle type is eligible for GAP.

How does GAP work?

GAP protection goes into effect when you need it most. With GAP, you have one less worry if your vehicle is totaled in an accident and can’t be repaired, or stolen and isn’t recovered.

This product is optional. Your purchase of GAP debt protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
Additional disclosures:
We will give you additional information before you are required to pay for GAP debt protection. This information will include a copy of the contract containing the terms and conditions of GAP debt protection.
Eligibility requirements, conditions and exclusions:
There are eligibility requirements, conditions and exclusions that could prevent you from receiving GAP debt protection benefits. You should carefully read your GAP Waiver Election Form for a full explanation of the terms and conditions of the debt protection program.
This is not a contract. For a complete list of benefits and rules, see the GAP Waiver Election Form. GAP is a loan/lease deficiency waiver and is not offered as insurance coverage.