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Guaranteed Asset

Guaranteed Asset Protection (GAP) helps pay off your loan in the event your automobile, motorcycle, RV or watercraft is stolen or totaled.

What is GAP?

GAP helps when the unexpected happens and your car is totaled or stolen. Your car's insurance company will pay the value of the vehicle at the time of loss, but that could be less than what you owe on your loan. GAP coverage steps in to pay off this "gap" in most cases.

When can I purchase GAP?

GAP can be purchased at any time during the loan and can be cancelled with a full refund within the first 90 days.

What types of vehicles are eligible?

Motor vehicles (private passenger cars, vans and light trucks), powersports (motorcycles, ATVs, snowmobiles, personal watercraft), recreational vehicles (RVs) and watercraft (boats).

Should I buy GAP?

There are many factors to consider before purchasing GAP for your vehicle, including how much equity you have in it and how much wear and tear you plan to put on your vehicle. Larger down payments increase the equity in your vehicle and decrease your loan-to-value (LTV) ratio. If you have a loan to value ratio of 80% or more, then you should consider purchasing GAP on your vehicle loan so you are protected from the unexpected.

GAP will not pay for late fees, interest, credit protection, service contracts that could be cancelled and returned to the loan balance or remaining balances due to over-financed loans.

If you have any questions, please contact Insurance Services at (800) 877-8328 during normal business hours.

Download GAP Brochure