GAP Protection

 

OVERVIEW
Pays the difference between the Actual Cash Value paid by the primary insurance company (for the total loss to the vehicle financed) and what is owed to the lender on the lease or loan finance contract.

 

How GAP works:

* Loan Amount - $12,000
* Term - 60 months
* Loss Date - 36 months
* Loan Payoff - $7500
* Insurance Settlement - $5,000
* You still owe - $2500
* Gap Benefit - $2500
* Out-of-pocket expense w/ GAP Protection - $0

 

Note: This example is intended as a general outline only. The examples are for illustrative purposes. Programs vary by state. Please refer to the actual GAP Addendum for all terms and conditions.