Guaranteed Asset Protection (GAP)
In the event your vehicle is declared a total loss by your insurance, Guaranteed Asset Protection (GAP) is designed to cover the difference between the amount you owe the finance company and the actual cash value of your vehicle, with a few limitations. GAP contracts are only purchased at the time of financing.
GAP does not take the place of insurance on the vehicle. You are responsible for maintaining collision and comprehensive insurance for the vehicle’s full value.