Closing the gap in protecting your current and future vehicle investment.
What is GAP Advantage?
Guaranteed Asset Protection Advantage, or GAP Advantage, is a voluntary,
non-insurance program offered as protection on a new or used vehicle that
is financed or leased. It is a supplemental benefit that enhances, rather
than replaces, your standard comprehensive, collision, or liability coverage.
GAP Advantage waives the difference between your primary insurance
carrier’s settlement and the payoff of your loan.1 In other words, it protects
the “gap” between your vehicle’s value and the amount you still owe in the
case it is damaged beyond repair or stolen and never recovered.
GAP Advantage also provides you with a $1,000 credit towards the
financing of a replacement vehicle if financed or leased with the same
financial institution.
How does GAP Advantage work?
Depending on where you live, the established market value of your
vehicle could be less than the actual balance you owe. In the event of a
total loss or theft, GAP Advantage waives the difference between your
primary insurance carrier insurance settlement and the payoff of your
loan, subject to limitations and exclusions including a maximum loan-to value
limitation which may cap the benefit you receive. Included in the
deficiency balance is the deductible up to $1,000.3
CONSIDER THIS
The following is an example of GAP Advantage in action:
Your one-year-old financed vehicle is totaled beyond repair…
Your loan balance is $15,000
Your insurance company settlement is $10,000
based on your vehicle’s market value $11,000
less your insurance deductible $1,0003
Total amount you owe without GAP Advantage $5,000
Total amount you owe with GAP Advantage $0
PLUS $1,000 credit towards the financing of your replacement vehicle!2
1 Subject to limitations and exclusions including a maximum loan-to-value limitation which may cap the
benefit you receive
2 If the replacement vehicle is financed or leased with the financial institution that the totaled/stolen vehicle
was financed or leased through.
3 Not available in NY or AK
GAP Advantage disclosures
Your purchase of GAP Advantage is
optional. Whether or not you purchase this
product will not affect your application for
credit or the terms of any existing credit
agreement you have with us.
We will give you additional information
before you are required to pay for GAP
Advantage. This information will include
a copy of the GAP Waiver Addendum
which will contain the terms and
conditions of GAP Advantage benefit.
GAP Advantage eligibility requirements,
conditions, and exclusions
There are eligibility requirements,
conditions and exclusions that could
prevent you from receiving GAP
Advantage benefits. You should carefully
read your GAP Waiver Addendum form
for a full explanation of the benefits, rules,
terms and conditions of the program.
This document is not a contract. GAP
Advantage is a loan/lease deficiency
waiver and is not offered as insurance
coverage.