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What is Guaranteed Asset Protection (GAP)?

If your vehicle is ever declared a total loss due to an accident, theft or natural disaster, your auto insurance company might only pay you the amount equal to their assessed market value of your vehicle. Unfortunately, there may be a significant gap between what your insurer pays and the balance you owe on your vehicle loan. Guaranteed Asset Protection (GAP) protects you by waiving the difference.

How this plan helps you

Insurance companies can only do so much, that's why GAP Loss Protection was designed to fill in the gap. When accidents occur, insurance companies only pay the actual cash value of your vehicle, so we cover the difference between the actual cash value and the balance.

GAP Coverage

  • Waives covered losses up to $50,000.
  • Includes coverage for your insurance deductible up to $1,000.
  • Available on loan amounts up to 150% of your vehicle's MSRP, up to $150,000.

Key Features

  • The cost for the optional GAP Loss Protection Program can be included in your finance contract or vehicle lease agreement.
  • Available on loans or leases up to 84 month terms. Terms greater than 84 months will be re-amortized to 84 months.
  • Cancelable within 60 days for a full refund. After 60 days refund will be calculated pro-rata.*
  • Covers loan/lease balances that include equipment add-ons or rollover from trade-in that may not be accounted for by insurance companies.


  • Provides peace of mind by reducing the risk of unnecessary financial hardship and potential credit damage in the event of a total loss.
  • Maximum claim benefit in the event of a total loss or theft is $50,000.
  • Waives up to $1,000 of insurance deductible.

Coverage Exclusions May Apply

Coverage exclusions and limitations may apply, including total losses resulting from the Purchaser's dishonest, fraudulent, or illegal acts (such as DUI), or those committed by Purchaser's family member or other person acting under the Purchaser's authority; and vehicles used for competitive driving, racing, or a prohibited commercial purpose. Additional exclusions may apply. All transactions related to the optional Guaranteed Asset Protection (GAP) product are governed solely by the provisions of the Addendum. Please refer to the GAP Deficiency Waiver Addendum for details of terms, conditions, and specific coverage details, including limitations and exclusions. Coverage may vary by state.