In most circumstances, your vehicle is worth a lot less the second you drive it off the lot. Protect the investment made in your vehicle with GAP Advantage.
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 or lease, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges.2 Included in the deficiency balance is the deductible up to $1,000.
Auto Advantage Program with ADR
To thank you for purchasing GAP Advantage, we will provide you with the Auto Advantage Program which includes the Auto Deductible Reimbursement (ADR) benefit and other valuable services. Ask your loan representative to learn more.
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……………$1,000
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!3