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Guaranteed Auto Protection

What is Guaranteed Auto Protection?

Guaranteed Auto Protection is a Loan/Lease Balance Deficiency (GAP) Waiver designed to eliminate your unpaid net loan/lease balance in the event your vehicle is stolen or damaged beyond repair (totaled). The GAP Waiver relieves you of the responsibility for the full loan/lease deficiency balance that proceeds from your primary insurance policy or any applicable third party insurance policy dies not cover.

What Does the GAP Waiver Cover?

The GAP Waiver covers the difference between the actual cash value of the car (primary insurance company settlement, plus the actual deductible up to $1,000) and the outstanding loan/lease balance at the time of a loss, less certain deductions. It does NOT cover the following:

  1. Any refundable additions to the loan/lease amount such as service warranty contracts and credit insurance.
  2. Delinquent payments greater than 60 days past due.
  3. Late charges or other fees added after loan/lease inception.
  4. Any portion of the loan/lease that exceeds 150% of MSRP (new cars) or average retail book value (used cars).

How Do I Apply For Benefits Under the GAP Waiver?

If a "total loss" of the vehicle should occur:

  1. Report the incident to us,
  2. Give us a copy of the insurance company's settlements statement and check,
  3. Give us a copy of the insurance policy declarations or other evidence of your insurance deductible.


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