Will you owe more on your vehicle loan than your vehicle is worth? A wrecked vehicle can wreck your finances if you owe more on your loan than your insurance will pay. Guaranteed Asset Protection (GAP) is like an airbag for your vehicle loan.
Guaranteed Asset Protection (GAP)
Guaranteed Asset Protection can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out of pocket expenses if your vehicle is deemed a total loss. GAP can help lighten the financial burden for you and the people you care about. Talk to your loan officer about adding GAP today so you can worry a little less about tomorrow.
For a typical vehicle in America. Edmunds, "How long should my vehicle loan be?", http://www.edmunds.com/ vehicle-loan/how-long-should-my-vehicle-loan-be.html March 2015.