GAP

Explanation of Products

GAP pays the difference between what the customer owes to the bank and what the insurance company says the car is worth. It often pays the customer’s deductible or some portion of it. GAP is relatively inexpensive and is well worth it for folks leasing a vehicle or purchasing a new vehicle.

Benefits and Features

  • Payable in the event of a total loss
  • GAP benefit covers up to $50,000
  • Up to 84 months of protection available
  • GAP is applicable for vehicles valued up to $100,000 at the time of purchase!
  • Minimal monthly cost to the customer
  • Coverage is cancellable
  • Protects the client's personal credit rating
  • Coverage available for most financed new and pre-owned vehicles
  • GAP coverage remains intact if your primary automotive insurance coverage lapses
Smiling woman in casual attire
Young couple reviewing and signing car purchase documents with a salesperson at a dealership table

Limitations

Not eligible on vehicles with a salvage title, commercial vehicles, motorcycles, recreational vehicles, watercraft vehicles, or vehicles weighing over 12,500 lbs.

Maximum Lease Term: 60 Months

Amount Financed/Capitalized Cost: Lesser of $100,000 or 150% MSRP (new)/ 150% NADA/Kelley Blue Book (CA Only) Retail (used)

Coverage not available in all states.