Our GAP Program picks up where your Auto Insurance falls short by bridging the "financial gap" between what you owe on your vehicle and what your insurance will pay.
WHAT CAUSES THE FINANCIAL GAP?
Most finance / lease customers don't realize that the vehicle they just purchased begins to depreciate the moment they drive it off the dealership lot. At any given time during the finance period (usually 4 to 6 years), their loan amount invariably exceeds the "market book", also known as the Actual Cash Value of their vehicle. They may assume that if their new vehicle is stolen or damaged beyond repair, auto insurance coverage will payoff the entire remaining balance owed to the lender.
It is surprising to most customers to learn that the value their insurance company places on their car may be substantially less than the amount owed to the lender or leasing company. The result - a financial gap where the vehicle owner must make up the difference. A liability that can easily equate to thousands of dollars.
