DID YOU KNOW THE MARKET VALUE OF YOUR VEHICLE STARTS TO DEPRECIATE THE MOMENT YOU TAKE POSSESSION?
Due to depreciation and other factors, there's a period of time during most loan or lease terms when THE BALANCE YOU OWE on your vehicle may be substantially higher than the vehicle's current value.
If your vehicle is stolen or wrecked and considered a total loss by your insurance company while you owe more than your vehicle is currently worth, insurance will only pay current market value - leaving YOU responsible for paying not only the difference (between what your car is worth and what you owe), but also your insurance deductible!
GET TRUSTED GAP COVERAGE!
For a low monthly cost, which can be added into your monthly finance payment, you can protect yourself from unexpected expenses with the Trusted® GAP Coverage. Our GAP program will pay the difference between your insurance settlement and the balance owed on your vehicle* and give you a fresh start when purchasing a replacement vehicle.
AN EXAMPLE OF HOW GAP WORKS:
LOAN AMOUNT: $25,000
TERM: 60 Months
LOSS DATE: 36 Months
Loan/Lease Payoff ................. $15,000 Insurance Settlement**.......... $12,000 Balance Left On Your Loan/Lease (GAP) .......... ($3,000)
Insurance Deductible ........... ($1,000) Potential Out-of-Pocket Expenses........................ $4,000
WITHOUT GAP coverage, you would be required to pay $4000 out of YOUR POCKET just to settle your loan or lease balance! What will that leave you toward buying another vehicle?
GAP Coverage payment to Lender
...$4,000 Out-of-Pocket Expenses
**Actual cash value of vehicle
* In some circumstances (such as past due payments, higher insurance deductibles, a delayed insurance settlement, or limitations of the plan), GAP Protection may not take care of the entireGAP. For a complete list of limitations, see the debt cancellation waiver addendum. The purchaseof GAP Protection is voluntary and is not required as part of the loan or lease approval.