GAP PROTECTION
Insurance Has It’s Limits.
GAP Protection is a non-insurance product that covers the “gap” by paying the difference between your primary carrier’s insurance settlement (with exceptions) and your loan or lease balance, less delinquent payments, late charges, refundable service warranty contracts, and other insurance-related charges.
Most insurance policies only cover the actual value of your vehicle-a value that declines rapidly during the first few years of ownership and begins as soon as you leave the dealership. As a result, there can be a substantial “gap” between your loan or lease balance and the amount that your insurance will pay to replace it. Why? Your insurance will only cover the actual value of your vehicle – regardless of what you owe.
Guaranteed Asset Protection (GAP) helps cover the “gap” between what you owe on your auto loan or lease and what your primary insurance will pay if your vehicle is totaled or stolen. Because regular insurance only pays the vehicle’s actual cash value—which depreciates quickly—GAP can prevent you from owing more than the settlement amount.
For more information, inquire with a loan officer at (318) 222-1979 or (318) 742-1912, or drop by one of our locations.