Features & Benefits of Program
- GAP pays the amount equal to the unpaid net balance less the primary insurance settlement
- Protects customer's credit
- Protects against negative equity
- Covers collateral value up to $150,000
- Available to franchise and independent dealers
Terms of Program
- Coverable within 30 days for a full refund; after 30 days, refund will be calculated pro-rata
- Covers up to 84 months of loans or leases (terms over 84 months will be re-amortized to 84 months)
- Covers amount financed up to 150% of NADA value or MSRP
- Maximum claim amount is $50,000
- Available at time of vehicle sale only
Exclusions of Program
- Commercial and fleet vehicles
- Vehicles exceeding 1 3/4 ton capacity
- Loss or damage due to fraudulent acts
- Not available at Buy Here/Pay Here lots