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GAP Insurance

Plan for the unexpected, and you'll reap the benefits.

If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss, auto insurance will cover the replacement value. However, you remain liable for payment of the difference between the insurance settlement and the remaining loan balance. This deficiency can sometimes amount to thousands of dollars.

Guaranteed Asset Protection is an affordable way to fill the gap. For just a few dollars per month, you can protect yourself against this kind of unexpected expense.

Our GAP coverage is provided by Allied Solutions. Here are the program highlights:

Autos, Motorcycles, ATV’s Jet Skis, Snowmobiles, Golf Carts

  • Loan to Value Limit – 125% of NADA Retail
  • Maximum Term – 84 months
  • Maximum Loan Amount - $100,000.00
  • Delinquent Payments (Life of Loan) – Two months or 60 days allowed; beyond that, not covered
  • Maximum GAP loss - $50,000.00
  • GAP Advantage - $1,000.00 toward a new purchase
  • Refund – up to 60 days after purchase

Cost:

  • Most Vehicles can be covered as low as $395.00

 

Boats, Travel Trailers, Motor Homes

  • Loan to Value Limit – 125% of NADA Retail
  • Maximum Eligible Loan Term – 240 months
  • Maximum Term  – 84 months – will cover the first 84 months of the loan
  • Maximum Loan Amount - $125,000.00
  • Delinquent Payments (Life of Loan) – One month or 30 days allowed; beyond that, not covered
  • Maximum GAP loss - $50,000.00
  • GAP Advantage - $1,000.00 toward a new purchase
  • Refund – Non Refundable

Cost:

  • Depending on the loan amount and collateral $375 and up

 

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