GAP Microsite

Guaranteed Asset Protection (GAP) Waiver

Are you covered if your vehicle is declared a total loss?

A GAP waiver can help protect your finances from the costs associated with the unexpected loss of your vehicle.

5.3 million

traffic crashes happen every year in the U.S. on average*

700,000

motor vehicles are stolen every year in the U.S. on average*

Help close the “gap” on your vehicle loan

When a vehicle is declared a total loss due to theft or accident, the primary auto insurance will typically cover the actual cash value of the vehicle at the time of loss. This amount could be less than the outstanding balance on the loan.

The difference between the amount covered by the insurer and the remaining balance on the loan is often referred to as the “gap.” You would be responsible for paying this amount to the lender.

A GAP waiver can help limit this financial obligation by waiving some or all of what is owed, excluding certain items such as unpaid past-due payments and late fees. It can even waive your insurance deductible up to $1,000.

Illustrative Example for a $30,000 loan

Your out-of-pocket saving could be substantial:

Let's say your loan balance is:$30,000
Your insurance company says the actual cash value of your lost vehicle is:-$22,000
Leaving you with a "gap" of:$8,000
Primary insurance deductible is:+ $1,000
Total out-of-pocket expense:$9,000
A GAP waiver can reduce this amount to as little as:

$0

For illustrative purposes only. Your individual situation will vary depending on the details of your financing, vehicle specifics and driving history. Some of your loan may remain even after the waiver is applied, due to missed payments, amounts previously due, late fees and other adjustments.

Don't leave the dealership until you’ve added this valuable coverage to your vehicle purchase!

* Source: National Highway Traffic Safety Administration, “Overview of Motor vehicle Crashes in 2020"

This product is sold exclusively through authorized dealerships in the U.S.