GAP Covered Loans
The Market Value of your new vehicle starts to depreciate the moment you take possession. If your vehicle is totaled or stolen, your insurance usually does not cover the entire amount you owe on a lease or a loan. If a total loss occurs, you may have to pay the difference, the gap, between what you owe and the actual cash value (Insurance Company Settlement) of your vehicle, from your own pocket. Now buyers and lessees of new and pre-owned vehicles can obtain a product that will pay off loan and lease balances.
Security
You will be able to pay off your remaining financial contract balance including the deductible up to $1,000.
Convenience
Nothing could be easier. The Gap payment amount can be included as a small addition in your monthly payment.
Financial Stability
Gap protection can clear the balance sheet allowing you to start fresh with a new car purchase.
Flexibility
Gap protection is available for all types of financial contracts including loans, balloon loans, and leases.
Gap Protects You
- Risk protection from unrecovered theft and total constructive collision
- Protection for new and pre-owned vehicles, leaed or purchased
- Protection for the entire term of the loan or lease
- Minimal monthly cost
- Multi-faceted program
- Deductible coverage up to $1,000
- Benefits customers, financial institutions, lessors, and vehicle dealers
How to File a Claim
Report the claim to your primary insurance company or agent. If they determine that your vehicle is a total loss or your stolen vehicle cannot be recovered and a gap between the primary insurance company’s settlement and the loan or lease balance occurs, then:
- Report the claim to your lender/lessor
- Submit a copy of your insurance company’s settlement statement, and in case of theft, a copy of the police report to your lendor/lessor.