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 Guaranteed Auto Protection (GAP) is a borrower-pay program. It is designed to protect your borrower who finances a new or used vehicle against the responsibility of an unpaid loan balance in the event their vehicle is totaled or is an unrecoverable theft.
In the event of a total loss from collision or theft, the borrower's insurance company would only pay the Actual Cash Value (ACV) for the vehicle, less the deductible. More often than not, ACV is less than the current loan balance. GAP covers that difference, including the borrowers insurance deductible, up to $1,000.
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- Deficiency balance eliminated for both borrower and lender
- Helps protect borrower’s credit rating
- Cost is usually 50% of what dealerships charge for GAP
- Borrower can purchase a replacement vehicle sooner
- Eliminates potential loan charge off for lender
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- New & Used Passenger Cars, Trucks and Vans (1-ton rated or less)
- Motorcycles, Watercraft (boats & personal watercraft), Snowmobiles and ATVs
- RVs (Motor Homes, 5th Wheels, Trailers, Campers and Pop-ups)
- Vehicles up to 20 years old
- Loan terms up to 84 months (RVs up to 240 months)
- Amounts financed up to $100,000
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- 150% of MSRP on New Vehicles
- 150% of NADA or Kelley Blue Book on Used Vehicles
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