GAP Protection
Protect the Investment in Your Vehicle
GAP Advantage is an optional benefit that provides additional risk protection and peace of mind.
What does GAP Advantage cover?¹
GAP Advantage is designed for your protection whether you finance or lease a new or used vehicle. Almost any kind of vehicle* is eligible for GAP Advantage, including;
- Automobiles
- Vans
- Light trucks
- Motorcycles
- Boats
- Travel trailers
- Motor homes
- Golf carts
- Jet skis
- Snowmobiles
How does GAP Advantage work?
GAP Advantage protection goes into effect when you need it most – your vehicle is stolen and isn’t recovered or totaled in an accident and can’t be repaired.
GAP Advantage waives the difference between the payoff of your loan or lease, less delinquent payments, late charges, refundable service warranty, and other insurance related charges. Included in this difference is your insurance deductible, up to $1,000.2
The deductible is paid as part of the deficiency balance and is therefore only paid if there is a “gap” to pay the loan.
The Benefits of GAP Advantage
The benefits of GAP Advantage The following is a typical example of how GAP Advantage could work for you: Original purchase price $25,000 Loan balance after one year $20,575 Insurance settlement covering vehicle's current value less deductible $16,000 Your remaining unpaid loan balance (the "gap") $4,575 GAP ADVANTAGE WAIVES THE DIFFERENCE $4,575 Includes your deductible up to $1,0002 GAP Advantage also provides you with the following credit towards the financing or lease of a replacement vehicle $1,000 TOTAL GAP ADVANTAGE BENEFIT $5,575 Above loan calculation based on 60 month loan @ 6% APR |
a) if all the collateral types listed in the brochure are eligible for GAP protection; or
b) if leases are covered by this plan.
