Did You Know?

  • One in twenty drivers experiences an unrecovered theft.
  • Vehicles begin losing value as soon as they are purchased.

 

WHAT IS GAP TOTAL LOSS PROTECTION?

What is GAP?

Since vehicles depreciate in value, it's not uncommon for an outstanding loan balance to be higher than a vehicle's actual cash value, especially during the first few years of ownership. In the event that your vehicle is totaled in an accident or stolen, your insurance company will only pay for the present market value of your vehicle. If this amount turned out to be less than the balance of your loan, you would be responsible for the difference out of your own pocket. GAP Total Loss Protection will help cover* the difference or “gap” needed to pay off your loan, as well as the deductible.

The benefits:

  • GAP helps to protect your investment by covering the "gap" between what you owe and the amount your insurance company will cover.*
  • Your insurance deductible is also covered, up to $1,000, as part of the GAP deficiency balance.
  • Included with GAP is Auto Deductible Reimbursement (ADR) for 2 years. ADR will pay up to $500 toward your vehicle's deductible for any claim filed and paid through your insurance company (UNLIMITED losses per year). This ADR coverage extends to any additional vehicles you own and insure for no additional cost.
  • Non-Refundable GAP is inexpensive – only $599.

You may only add GAP to your loan for a limited time, so make sure your vehicle is protected! Enroll Now!

Interested in GAP?

Enroll today or contact us for more details at 800.873.5100 or loans@ithinkfi.org.

Featured Blogs

Managing Credit: Using Balance Transfers to Your Financial Benefit

By: iTHINK Financial | Nov 05, 2021
Read Post

Financial Planning: A Step-by-Step Guide on Building Your Future

By: iTHINK Financial | Oct 06, 2021
Read Post

The Car Buying Process: How Timing and Credit Scores Affect It

By: iTHINK Financial | Sep 01, 2021
Read Post
*GAP coverage is limited to 125% of the MSRP on new vehicles or 125% of NADA Retail value on used vehicles. Skip-A-Payment program usage, loan extensions, or delinquent payments may impact loan amortization and GAP coverage.
SHARE