Benefits to the borrower/Lessee
 | Eliminates the "out-of Pocket" expense for the remaining loan/lease balance after loss settlement |
| Helps Protect the credit rating |
| Helps to purchase a replacement vehicle |
| Pays your insurance deductible, up to $1000 |
WHAT IS ELIGIBLE FOR GAP?
| New and Used vehicles |
| Private passenger autos and vans |
| Pickup trucks no exceeding 1-ton capacity |
| Boats, motorcycles, ATVs, jet skis, motor homes, watercraft, and travel trailers |
WHAT IS INELIGIBLE FOR GAP?
| Loans or leases with terms over 84 months |
| Commercial vehicles |
| Trucks exceeding 1-ton capacity |
| Taxi cabs, Buses, Limousines, and rental vehicles |
LIMITATIONS
| Any loan or lease that exceeds 150% of MSRP on new cars or 150% of average retail book value on used cars |
GAP DOES NOT PROVIDE PROTECTION FOR LOSS DUE TO:
| Forgery, dishonest acts of borrower/lessee |
| Conversion, intentional acts of the borrower/lessee |
| Embezzlement, secretion, or confiscation |
| War |
HOW TO REPORT A GAP CLAIM:
| If a total loss of the vehicle should occur, report the incident to us within 60 days from the date of the insurance company's settlement, and provide us with copies of the following: |
| The original finance contract and all addenda thereto |
| The dealer worksheet or contract |
| The auto physical damage insurance settlement check |
| The payment history records |
| The police report, for unrecovered theft |
