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630 Village Lane, Mandeville, Louisiana 70471

JAKE DRAGO

PHONE 985.624.4951 | FAX 985.624.8892

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

You will be able to pay off your remaining financial contract balance including the deductible up to $1,000.

FINANCIAL STABILITY

FLEXIBILITY

GAP protection is available for all types of financial contracts including loans, balloon loans, and leases.

GAP protection can clear the balance sheet allowing you to start fresh with a new car purchase.

GAP PROTECTS YOU

  • Risk protection from unrecovered theft and total constructive collision

  • Protection for new and pre-owned vehicles, leased 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 lender/lessor.