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| Guaranteed Auto Protection [GAP] |
GAP Insurance protects a buyer or lessee when the primary insurance settlement is not sufficient to pay-off the loan or lease. Depreciation may make a loan or lease balance greater than a vehicle's actual cash value.
If a total loss occurs, GAP covers the difference between the primary insurance settlement and the loan or lease pay-off.
With today's low down payments and extended term financing, many customers find themselves in a negative equity position during the first few years of an auto loan. In addition to paying off the balance of the loan, GAP may also pay up to $1,000 of the primary insurance deductible on a loan or lease. |
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