GAP Protection Plan

The GAP Protection Plan is a two party agreement between the customer and the lender to modify the prepayment provisions of your vehicle loan agreement in the event of a total loss of the vehicle collateral. The negative balance between your primary insurer and the balance owing on your loan will be taken care of by the GAP Protection Plan. This GAP is all too often a result of high depreciation of your vehicle in the first years of ownership and minimal down payment.

The lack of equity in the vehicle purchase and the event of extended vehicle term financing create a negative vehicle equity position. This results in consumers exposed, unknowingly, since they are generally focused on monthly payments. In most cases the borrower is exposed to thousands of dollars between the insured value of their vehicle and their outstanding loan balance in the event of a total loss. Without GAP Protection coverage the customer will need to cover the deficiency between the insured amount and the loan balance as well as a down payment on a new vehicle. A DOUBLE HIT!

ADVANTAGES

• covers the shortfall between the covered amount and the loan balance.
• $1000 bonus towards the purchase of your new vehicle
• up to $1000 in rental car coverage
• terms from 24 to 84 months.
• protect your credit rating

Subject to limitations. All rights with respect to the benefits of the covered borrower will be governed solely by the contractual policy.