Guaranteed Asset Protection
Because no one wants an upside-down vehicle loan.
If something unfortunate happens to your new car or RV within the first years of ownership, you can easily find yourself owing more than the car or RV is worth. Guaranteed Asset Protection (GAP) protects you from the unexpected. Here’s how:
May cover the difference
GAP pays up to 130 percent of collateral value at the time of purchase in the event of a total loss. For auto and RV loans only a few years old, the difference can be thousands of dollars.
Pay a one-time fee
GAP is a one-time fee that can be paid out of pocket at the time of a new loan or rolled into your principal loan balance.
Do you need more protection for your loan?
There are many reasons to choose GAP when beginning a new loan:
- Car and RV values depreciate
- It can take years to owe less than your car or RV's insurance value
- Even if you put money down, you could still owe a balance
- It’s possible to owe more than you have in savings