The plain truth is that Automobile Insurance Policies fall short of covering you when you really need help the most. In the event of the total vehicle loss or unrecoverable theft... approximately 1,000,000 occurrences per year... the odds are that your insurance company will not pay off your existing loan or lease balance. That financial liability then becomes yours!
WE RECOMMEND GUARANTEED AUTOMOTIVE PROTECTION (GAP)
Our GAP Program picks up where your Auto Insurance falls short by bridging the "financial gap" between what you owe on your vehicle and what your insurance will pay.
WHAT CAUSES THE FINANCIAL GAP?
Most finance / lease customers don't realize that the vehicle they just purchased begins to depreciate the moment they drive it off the dealership lot. At any given time during the finance period (usually 4 to 6 years), their loan amount invariably exceeds the "market book", also known as the Actual Cash Value of their vehicle. They may assume that if their new vehicle is stolen or damaged beyond repair, auto insurance coverage will payoff the entire remaining balance owed to the lender. It is surprising to most customers to learn that the value their insurance company places on their car may be substantially less than the amount owed to the lender or leasing company. The result - a financial gap where the vehicle owner must make up the difference. A liability that can easily equate to thousands of dollars.
WHAT CAN THE GAP PROGRAM DO FOR YOU?
In the unfortunate event that you experience a total vehicle loss due to theft or accident, The GAP Program will provide the following benefits:
Pays the difference between what you owe on you vehicle and the settlement paid by your insurance company, including balances due as the result of a primary carrier deductible of up to $1000.
Covers the entire term of financing (up to 84 months)
Eliminates the threat of out-of-pocket debt associated with vehicle loss... promotes a more positive financial situation for your next vehicle purchase or lease.
EXAMPLE OF A TYPICAL GAP & HOW IT WORKS...
Loan/Lease Remaining Balance Due
Actual Cash Value Deductible
Potential Out-of-Pocket Expense to Owner
Out-of-Pocket Expense with GAP
If you have any questions, please feel free to give our finance department a call at (814) 726-3150 or fill out the form below online and we'll get back to you as soon as we can.