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What is Guaranteed Asset Protection (GAP) and why is it good to have?

By Ben Payton () - May 2, 2018

GAP is coverage that supplements your auto insurance. In the event your vehicle is totaled or stolen, GAP pays the difference between the value of your vehicle (which your insurance company will pay) and the outstanding balance on your loan (also known as the “gap.”) We hope it never happens to you, but in an already bad situation, GAP coverage can be a great option to reduce your financial risk. Because we work with an industry-leading provider of GAP coverage and we complete lots of loans, we have negotiated a great rate. Your cost can be lower than you might be able to get through a car dealership or other lending programs. The cost of the GAP coverage is included in your loan, and only adds a few dollars to your monthly payment. If you already have GAP coverage, we can help you cancel it. By law, your current GAP contract will not transfer to your new loan; however, you might be entitled to a pro-rated refund.

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