What is Guaranteed Asset Protection?
Guaranteed Asset Protection (GAP) helps borrowers and lenders avoid financial loss by waiving all or a portion of the deficiency between a borrower's payoff amount on vehicle loans, and the determined actual cash value (ACV) of the vehicle, in the event of a total loss*.
How does GAP work?
The actual cash value or ACV of your vehicle determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP may waive the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle.
Interested and would like to learn more? Give our loan department a call at 800-747-1407 or send an email to [email protected] and we'll help you better protect one of your most important assets.
*Subject to LTV maximums, exclusions and/or limitations that may apply. This is a voluntary, non-insurance product.