When your vehicle is stolen or damaged beyond repair,
GAP cancels your debt! If you’re making payments on a
vehicle that’s stolen or damaged beyond repair, auto insurance
alone may not pay everything you owe. Insurance typically
pays the vehicle’s actual cash value rather than the amount
remaining on your loan or lease, which could leave a fi nancial
“gap” of thousands of dollars.
GAP coverage gives you peace of mind. If your insurance
company determines that your vehicle is a total loss, GAP
covers the remaining balance (up to $50,000) on your loan or
lease after the payment from your insurance company.*
Your deductible (up to $1,000) may be included in this
balance. (Deductible benefi t may vary by state.)
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