Guaranteed Asset Protection (GAP)

Protect your vehicle investment, not just its value.

You could lose more than your new or used vehicle if it is lost or stolen or involved in a major accident. You could lose your investment. Because most insurance policies only cover the value of your vehicle – something that rapidly declines during the first few years of ownership – your loan balance can be higher than the value of your vehicle.

Now you can protect your vehicle investment with Guaranteed Asset Protection (GAP). GAP protects you from a potential loan deficiency and covers the “gap” between the value of your investment and the amount you still owe. Essentially, GAP protects your entire investment and you from substantial loss.

How does it work?

Here’s an example. Let’s say your car is stolen and not recovered one year into your loan:

With GAP, you have the opportunity to protect yourself and your investment

What does GAP cover?

GAP was designed for all drivers, whether you finance a new or used vehicle. It covers automobiles, vans and light trucks. GAP coverage goes into effect when you need it most – when your vehicle is stolen and isn’t recovered, or is totaled in an accident.

GAP covers the difference between your primary insurance company Actual Cash Value determination and the payoff of your loan plus up to *$1,000 of your insurance deductible. Delinquent payments, late charges, refundable service warranty contracts, other insurance-related products, and interest charged after the date of loss will be deducted from the GAP settlement.

Find out more about GAP here. Or get more detail by writing to us, visiting any branch office or calling 210.673.5610 or 1.800.227.5328.

* GAP and deductible reimbursement benefits are available in most, but not all states. Please consult your loan officer or representative for the availability of this important benefit.