TOTAL LOSS PROTECTION
Pre-Owned Vehicle Protection Plans
•You buy a car for $24,000, and seven months later you get in an accident that totals the car
•Loan amount owed after 7 months = $20,000
•Actual cash value after accident = $16,000 (paid by insurance)
•That's a $4,000 difference + $500 insurance deductible = $4,500 customer financial responsibility!
*Total Loss Protection protects you if there is a difference between your insurance company settlement and your remaining loan or lease balance. It's about coverage that is complete and covers the unexpected*
Two levels of protection to cover you in this situation:
any remaining balance due on your loan or lease after the payment from
your insurance company. In other words, if a balance is left over after
your insurance pays the market or cash value, all you will have to pay
is your insurance deductible.
2 GAP Plus
Covers you against the same out-of-pocket exposures as GAP, and ALSO covers your insurance deductible up to $500
Limitations of Coverage - This information is intended to provide only an outline of the benefits of the Total Loss Protection Plan. For exact coverage, exclusions, and limitations, please refer to the GAP or GAP Plus contract itself.