Guaranteed Asset Protection (GAP) is available to members who finance a new or used vehicle with us, only at the time you obtain your loan. GAP protects you from financial liability if your vehicle is damaged beyond repair or stolen and never recovered. It will pay the difference between the insurance settlement and the loan balance, and will cover your insurance deductible.
Why get GAP?
- Since a vehicle's value declines as a result of depreciation, the loan balance can be higher than its Actual Cash Value (ACV).
- Without GAP coverage, you would be responsible for paying the difference between the insurance settlement and the outstanding loan balance.
- GAP pays the difference between your loan balance and the ACV plus your deductible, up to $1,000 (California residents only).
Ask your loan officer for GAP or call (800) 772-4000, ext 4040, (818) 772-4040, or send us an email to add GAP to your auto loan.