Gap Plus Coverage

For many families, purchasing a vehicle is the second-largest investment they'll ever make—right behind buying a home. If your vehicle is stolen or declared a total loss, the financial impact can be significant.

Many drivers are surprised to learn that standard auto insurance only pays the vehicle's current market value—not what they still owe on their loan. If your loan balance is higher than your vehicle's value, you're responsible for paying the difference. That's where GAP PLUS Coverage can help.

How GAP Coverage Works

Example:

Loan balance after one year $15,000
Vehicle value after one year $10,000
Insurance settlement $10,000
Remaining loan balance $5,000
GAP benefit $5,000
Amount you owe $0

Without GAP coverage, you would be responsible for paying the remaining $5,000 out of pocket.

Is GAP Coverage Right for You?

GAP PLUS may be a smart choice if you:

  • Made a small down payment—or no down payment at all.

  • Financed your vehicle for more than 60 months.

  • Drive a high number of miles each year, causing faster depreciation.

  • Rolled negative equity from a previous auto loan into your new loan.

Benefits of GAP PLUS Coverage

  • Helps eliminate or significantly reduce your remaining loan balance after your insurance settlement.

  • Includes a $1,000 GAP PLUS Waiver when you finance your replacement vehicle with us.*

  • 60-Day Free Look: Cancel within 60 days for a full refund for any reason.

  • Affordable protection for only $495—often much less than dealership pricing.

  • The cost can be conveniently included in your vehicle loan.

$1,000 GAP PLUS Waiver

If your covered vehicle is declared a total loss, you may qualify for an additional $1,000 waiver toward your replacement vehicle loan.

To qualify, simply finance your replacement vehicle with us within 90 days of your vehicle being determined a total loss.*

Included at No Additional Cost

Auto Deductible Reimbursement

As our thank you for purchasing GAP PLUS Coverage, you'll also receive Auto Deductible Reimbursement.

This benefit reimburses up to $500 per covered loss, with unlimited covered losses each year, for up to three years when:

  • A covered loss is paid by your auto insurance company.

  • You are the named insured on the auto insurance policy.

  • The vehicle is owned or leased by you and listed on the title or registration.

*Subject to exclusions, eligibility requirements, and benefit limitations. Please refer to your GAP Addendum or Certificate for complete terms and conditions provided at loan closing. Most passenger vehicles are eligible, and GAP PLUS Coverage can generally be included in your monthly vehicle loan payment.