If your vehicle is subject to a total loss claim,1
the insurance settlement may not cover the outstanding loan balance. The insurance settlement is based on the actual cash value of your vehicle, not your outstanding loan balance. If you owe more on your auto loan than your primary insurance settlement pays, the difference creates a “gap” that you are responsible to cover out of pocket.
GAP (Guaranteed Asset Protection) coverage is an optional debt cancellation product that helps to bridge the difference between your insurance settlement and your outstanding loan balance.2
Our GAP coverage3,4
is available on new loan originations5
- 90-day “free look” period6
- Eligible for new and used cars, light trucks, vans and SUVs7
- Maximum claim benefit of $50,000
- Maximum market value of the vehicle is $100,0008
1As determined by your auto insurance provider due to an at-fault or not-at-fault accident, theft, or flood.
2GAP may not protect the entire deficiency between the insurance payment or actual cash value and your outstanding loan balance. You are responsible for any remaining balance due on the loan after the request for benefits is processed. A copy of the GAP Agreement can be provided upon request for additional information.
3GAP claims are processed through TruStage.
4Your purchase of Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the GAP Waiver Agreement (“Agreement”) before you are required to pay for GAP. You should carefully read the agreement for a full explanation of the terms. If you finance the GAP fee, interest will be assessed against the fee which will increase the cost. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. If you cancel on or after the 91st day you will not receive a refund.
5GAP coverage cannot be added to an existing auto loan. To add GAP, the loan must be refinanced and coverage must be selected during the new origination.
6During the first 90 days of the loan, coverage may be canceled for a full refund. The refund is applied to the outstanding loan balance and will not affect scheduled payments.
7Gross vehicle weight must be 14,000 pounds or less. GAP coverage is not available for salvaged vehicles, flood vehicles, vehicles with a reconstructed title, classic vehicles (vehicles that are 20 years or older) or vehicles used for ridesharing.
8Based on MSRP or JD Power average retail value.
GAP-5853956.1-0823-0925 © TruStage