GAP covers the difference between the market value of your member’s vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges. In the event a deficiency exists, our program will also cover any portion of the deficiency caused by the member’s insurance deductible, up to $1,000.*
GAP Coverage Example
| Loan balance after 1 year | $15,000.00 |
| Vehicle’s Actual Cash Value (ACV) | $10,000.00 |
| Member’s deductible | $500.00 |
| Insurance Settlement | $9,500.00 |
| The GAP | $5,500.00 |
| GAP Pays | $5,500.00 |
* Not available in all states