GAP Plus with Deductible Assistance

Extra Protection at a Low Cost

Your auto insurance may not cover everything, such as a wrecked vehicle. That’s where Guaranteed Asset Protection (GAP)¹ comes in. If your vehicle is deemed a total loss due to an accident or stolen, there can be a
significant gap between what you owe on your loan and what your auto insurance will cover. GAP Plus with Deductible Assistance may reduce or even eliminate that shortfall in the event your vehicle is deemed a total loss

What is GAP Plus with Deductible Assistance?

GAP Plus with Deductible Assistance can eliminate your unpaid loan balance if your vehicle is stolen and unrecovered or damaged beyond repair. Plus, if you finance a replacement vehicle at SESLOC within 60 days of your insurance settlement date, we’ll cancel $1,000 of your new loan.

Why do I need it?

The value of your vehicle typically drops much faster than your loan balance. If an accident or act of nature occurs and your vehicle is damaged beyond repair, or your vehicle is stolen and not recovered, your insurance company – even if you have full coverage – will pay you the market value of your vehicle. Unless you made a large down payment, you could end up owing thousands of dollars on your loan at a time when you’re also faced with replacing your vehicle.

What does GAP Plus cost?

Protect yourself for the life of your loan for a one-time fee. You can include this cost with your loan financing, allowing you to pay it off over the term of your loan. GAP is not appropriate for everyone. Speak to a loan representative to determine whether this coverage makes sense for you when you finance your vehicle.

*The cost for RVs, boats and similar vehicles is higher.

What does GAP Plus with Deductible Assistance cover?

GAP Plus with Deductible Assistance  covers the difference between the actual cash value of your vehicle (the primary insurance company settlement), including up to $1,000 of your deductible*, and the outstanding loan balance at the time of a loss, less certain deductions.

*Applies in California, but not in all states.

1: GAP, which includes deductible assistance, is not insurance; it is an optional debt cancellation product. GAP will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP Fee to the amount financed under your contract will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. Prices of the refundable and non-refundable products are likely to differ. If you purchase a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP-3395224.3-1223-0126.  

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