If your car were a total loss, this "gap" could translate into thousands of dollars that you would still owe after your insurance paid you the actual cash value of your vehicle.
In the event of a total loss, any remaining balance due on your loan or lease after the payment from your insurance company is waived by the dealer/lender.** In other words, should a balance be left over after your insurance pays the market or cash value, all you will have to pay is your insurance deductible.
** Does not include any late fees or past due amounts.
GAP Plus Protection
GAP Plus (GPP) waives the same out-of-pocket expenses as GAP, and includes your insurance deductible up to a maximum of $1,000.
Limitations of Coverage
This information
is intended to provide only an outline of the
terms and conditions of the Total Loss Protection/GAP
Program described in this brochure and should
not be relied upon at time of purchase of your
vehicle. For exact terms and conditions, please
review the Total Loss Protection/GAP Addendum
itself.