GAP Plus
Overview
GAP Plus provides guaranteed asset protection by covering the financial gap between your vehicle’s value and the outstanding loan amount. This plan is designed to protect against financial liabilities due to accidents, theft, or fire.
Key Benefits
- Financial Coverage: Covers negative equity up to $50,000, including refinanced negative equity from previous loans. Offers a $500 credit towards the purchase of a replacement vehicle from your dealer. Includes up to $1,000 of the standard insurance policy deductible for total loss.
- Duration: Locks in the rate for up to 8 years. Coverage available for amounts financed up to $150,000.
- Affordable Premiums: Premiums can be included in the vehicle’s finance or lease agreement, making it affordable.
Additional Benefits
- Protects your credit rating by covering unexpected financial gaps.
- Provides peace of mind against unforeseen events like accidents, theft, or fire
Example Scenario
- Balance owing at 48 months: $27,000
- Total loss payout from insurance: $12,500
- Shortfall or GAP: $14,500 • Loyalty credit: $500
- Deductible: $1,000
- GAP Plus pays: $16,000
For more detailed information on the coverage, please refer to the GAP Plus PDF