GAP Coverage


Guaranteed Asset Protection (Gap)

Buying a car opens doors to new experiences and unforgettable memories, but it also opens doors to potential unexpected expenses. Our Guaranteed Asset Protection (GAP) coverage protects you from paying large out-of-pocket expenses for the "gap" between your insurance settlement the outstanding finance balance on your vehicle when it is totaled or stolen.
Benefits of GAP
  • Covers up to $50,000 of the gap between your insurance settlement and your loan balance
  • Covers up to $1,000 of your insurance deductible
  • Covers loan amounts up to 150% of your vehicle's value, which leaves room to include other investments to protect your vehicle*
  • Protects your investment for the term of your loan, up to seven years
  • Let's put it into perspective: You owe $14,000 on the loan or lease of your vehicle.
    Your insurance settlement value is $12,000 and your deductible is $1,000.
    After your deductible, you receive $11,000 from the insurance company.
    This leaves you with a gap of $3,000 still owed on a vehicle you can no longer drive.

    *Loan to value may vary by plan; see your sales professional for specific terms.
    GAP protection can only be purchased at the time you finance your new or used vehicle, and will amend the terms of your finance agreement.

    Contact Us

    Contact

    Serra Traverse City

    1747, 1331 and 1302 S Garfield Ave
    Directions Traverse City, MI 49686

    • Sales: (231) 947-9000
    • Service: (231) 947-9090
    • Parts: (231) 486-0896