The GAP Waiver covers the difference between the actual cash value of the car (primary insurance company settlement, plus the actual deductible up to $1,000) and the outstanding loan balance at the time of a loss, less certain deductions.
GAP Insurance Features:
- Eliminates “out-of-pocket” expense for remaining loan balance after loss settlement.
- Helps protect credit rating.
- Covers up to an 84-month term.
- Covers up to 4 skip-a-pays.
GAP Insurance does NOT cover the following:
- Any refundable additions to the loan amount such as service warranty contracts and credit insurance.
- Delinquent payments greater than 60 days past due.
- Late charges or other fees are added after loan inception.
- Any portion of the loan that exceeds 150% of M.S.R.P (new cars) or average retail book value (used cars).
For additional details on GAP Insurance and the cost for coverage, please contact us today!