Guaranteed Asset Protection
Car insurance will cover the cost of damages and a stolen car but your auto loan could be higher than the cash value of your car. Guaranteed Asset Protection (GAP) can help you cover the difference between what the insurance company pays out and what you still owe on the loan.
What is Guaranteed Asset Protection?
GAP is a voluntary, non-insurance product designed to waive the remaining loan balance not covered by the borrower’s primary insurance carrier settlement in the event of a total loss or unrecovered theft, subject to limitations and exclusions, including but not limited to loan-to-value (LTV) maximum, delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed with Premier!