Protect Your Vehicle Against Mechanical Breakdown and Total Loss

What is GAP Advantage?
Guaranteed Asset Protection Advantage, or GAP Advantage, is a voluntary, non-insurance program offered as protection on a new or used vehicle that is financed or leased. It is a supplemental benefit that enhances, rather than replaces, your standard comprehensive, collision, or liability coverage. GAP Advantage waives the difference between your primary insurance carrier’s settlement and the payoff of your loan. In other words, it protects the “gap” between your vehicle’s value and the amount you still owe in the case it is damaged beyond repair or stolen and never recovered. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle if financed or leased with the same financial institution.

How does GAP Advantage work?
Depending on where you live, the established market value of your vehicle could be less than the actual balance you owe. In the event of a total loss or theft, GAP Advantage waives the difference between your primary insurance carrier insurance settlement and the payoff of your loan, subject to limitations and exclusions including a maximum loan-to-value limitation which may cap the benefit you receive. Included in the deficiency balance is the deductible up to $1,000.

What is MBP?

Mechanical Breakdown Protection, also known as a Vehicle Service Contract or Extended Warranty, is automobile protection that extends beyond the manufacturer’s factory warranty and covers repairs of unexpected mechanical or electrical failures.  For the period of time the contract is in effect, you are assured that covered components of your vehicle will be repaired in the event of a failure.  Some additional benefits included with MBP are:

• $0 Deductible
• Nationwide Coverage
• 24/7/365 Emergency Roadside Service
• Towing and Rental Car Allowance
• Battery and Flat Tire Assistance

What is DPW?

Depreciation Protection (DPW) kicks in if your vehicle is ever totaled or stolen and not recovered at anytime over the life of the loan. It waives some or all of your loan balance in the event of the total loss of your vehicle. The waiver benefit is equal to the difference between your vehicle’s MSRP or retail value at the time of DPW purchase, less the amount of your loan balance at the time of total loss. (The benefit cannot exceed the DPW addendum limit or your outstanding loan balance at the time of total loss.)