Extra Protection at a Low Cost
What is GAP Plus?
Guaranteed Asset Protection (GAP) 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 cover?
GAP 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.
From the News+ Blog
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