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Vehicle protection

Protecting borrowers from loss on vehicle loans

Help your auto loan customers avoid financial loss if their vehicle is totaled or stolen by offering guaranteed asset protection (GAP).

Almost any kind of new or used vehicle is eligible for GAP, including:1

  • Automobiles
  • Vans
  • Light trucks
  • Motorcycles
  • Boats
  • Jet skis/personal watercraft
  • Snowmobiles
  • ATVs
  • RVs (motorhomes, travel trailers)

How it works

When a vehicle is declared a total loss because of an accident or theft, the insurance settlement amount is based on the actual cash value established by the company insuring your customer's vehicle.

When that settlement amount is less than the vehicle’s loan balance, your customer faces a deficiency balance, or a “gap,” that could jeopardize repayment.

If your customer’s insurance company declares a covered vehicle a total loss, GAP will waive:

  • The difference between the payoff amount of your customer’s loan and their vehicle’s actual cash value2
  • Up to $1,000 of your customer’s insurance deductible as part of the loan deficiency balance3

GAP Advantage

GAP Advantage is an optional feature that credits an additional $1,000 to the amount of a new loan if your customer chooses to finance the purchase of a new vehicle with your financial institution (where the original loan was held).

Customize a GAP product

Contact a sales representative to learn more about putting GAP to work for your customers.

Contact info

Existing policy questions

If you are a customer or member and have questions about your existing policy/contract:

Offer peace of mind products to your customers and members

Start a conversation to learn about the various products we can offer your customers and members.

GAP is a loan deficiency waiver, not an insurance product. GAP Advantage is not available in all states.

1 The vehicles eligible for GAP protection may vary by financial institution and, in some cases, by state. Please confirm eligibility of your vehicle with your financing representative.

2 Subject to certain exclusions and limitations. Waiver amount will be reduced by delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. See the GAP Waiver Addendum for all terms, limitations, and exclusions.

3 Waiver of the insurance deductible (up to $1,000) is available in most, but not all states. Please consult your financing representative for the availability of this feature.

DOFU 7-2020