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If your car is totaled or stolen, your auto insurance may not provide enough to pay off the value of your vehicle loan. Insurance policies reimburse holders for the value of the car. But, you're probably not paying off your loan at the rate of depreciation. Just think, a new car depreciates 10-15% the second you drive it off the dealership lot.
Guaranteed Asset Protection (GAP) covers the difference between the Actual Cash Value and the balance of your loan. Contact a branch representative to add GAP protection to your loan.
Why do you need Gap Advantage?
- Protects your credit rating
- Covers losses that your primary insurance may not
- When you drive your new car off the dealer's lot, it depreciates 10-15% of its value
- One vehicle is stolen in the U.S. every 27 seconds
- Every year a half million vehicles are totaled to accident, fire, and theft
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