Did you know that if the vehicle you are now purchasing is totaled, or is stolen and not recovered, your insurance may not pay off the total amount due to your financial institution?

Guaranteed Asset Protection can eliminate or reduce the loan balance between the vehicle Actual Cash Value (ACV) (paid by your insurance company) and your vehicle loan. of your vehicle, which is determined by your primary insurance company, and the unpaid balance that is owed.

Why do you need Guaranteed Auto Protection?

●       Protects your credit rating

●       May Cover losses that your primary insurance may not

●       When you drive your new car off the dealer's lot, it depreciates 10%-15% of its value

●       One vehicle is stolen in the U.S. every 27 seconds

●       Every year a half million vehicles are totaled due to accident, fire and theft

(Facts provided by the Highway Traffic Administration, National Insurance Theft Prevention and Auto Theft Information Authority)

Benefits

GAP protects your credit rating by eliminating or reducing the loan balance

Peace of mind.May get a replacement vehicle sooner

GAP eliminates "out-of-pocket" expenses that are frequently needed to take care of the remaining loan balance after the loss settlement. The advantage of the "convenience factor" becomes a reality!

Most importantly, GAP is affordable! And the financial institution will finance this nominal fee for only a few dollars a month.

Anyone who lives in a city with a high rate of automobile theft needs vehicle protection. Anyone who drives in today's traffic during rush hour, anyone who drives on today's freeways, on today's state highways and the nation's interstates needs vehicle protection. Anyone who values his or her investment in a new or pre-owned automobile needs vehicle protection! Contact a loan officer for more information about Guaranteed Asset Protection.

How the Benefits Work

From the example below you can see that there is a "gap" of $5,000, i.e., there is an unpaid balance on the original loan. Without GAP, there is a $5,000 deficit for which the borrower will be responsible. However, with Guaranteed Auto Protection, that debt may be eliminated or reduced, which may include the deductible.

Loan Balance after One Year = $15,000
 Your vehicle's ACV = $11,000
 Your deductible = $1,000*
 Insurance settlement = $10,000
 The "gap" = $5,000
 ---------------------------------
 GAP pays $5,000

Contact a loan officer for more information about Guaranteed Auto Protection.

*Deductible coverage available in most states but not all.