Guaranteed Asset Protection (GAP)

Adding Guaranteed Asset Protection (also known as GAP) to your auto loan is an option. A car loan must be repaid in full if you borrow money.

If your car is damaged, “totaled,” or stolen, you still have to pay for it. If the insurance claim does not cover the remaining balance of the loan, you may have to pay out of your own pocket. After the insurance proceeds are applied to the loan, the lender will waive any remaining loan balance.

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