Total Loss Protection Program
It's called "the gap." It's the difference between the actual value of your vehicle and the balance on your finance agreement or lease at the time of a total loss. In the first several years of ownership, your vehicle may actually be worth less than you owe.
If your vehicle were a total loss, this "gap" could translate into thousands of dollars that you would still owe after your insurance paid the actual cash value of your vehicle. Your GAP INSURANCE would cover the difference.
Chances are good you need gap insurance if:
- You purchased a new car and didn't have a down payment of at least 20%.
- You're leasing a car.
- You're financing for more than four years.
- You rolled debt from your last car into your current auto loan.
See you Sales and Leasing Consultant for more details .