Woman driving a car financed by a SESLOC auto loan.

GAP Plus, Extra Auto Loan Insurance Protection

GAP Plus

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.

Auto Tips…

From the News+ Blog

Buying Your First Car? This is What You Need to Know:

Buying Your First Car? This is What You Need to Know:

Shopping for your first car is exciting, but it can also feel intimidating. It’s a major commitment, but one that will give you the freedom to go where you want, when you want. Before you head to the car lot, set yourself up for success by following these steps:

read more
What to Know About Private Party Auto Loans

What to Know About Private Party Auto Loans

If you’re planning to buy a car directly from a seller, you might be interested to know that SESLOC can finance your purchase — just like if you were buying from a dealership. This arrangement is called a private party sale, and this is what you can expect:

read more
6 Money Saving Tips for Car Owners

6 Money Saving Tips for Car Owners

Car ownership is an investment that gives you the freedom and flexibility to travel on your terms. But as car owners know, it can be expensive. Besides budgeting for the payments, you must plan for the costs associated with registration, insurance, fuel, and routine and emergency maintenance.

read more

Back to top