We Florida Financial, P.O. Box 14548, Fort Lauderdale, FL 33302
In most circumstances, your vehicle is worth a lot less the second you drive it off the lot. Protect the investment made in your vehicle with GAP.
WHAT IS GAP?
Guaranteed Asset Protection, or GAP, is a voluntary, non-insurance program offered as protection on a new or used vehicle that is financed or leased. It is a supplemental benefit that enhances, rather than replaces, your standard comprehensive, collision, or liability coverage. GAP waives the difference between your primary insurance carrier’s settlement and the payoff of your loan.1 In other words, it protects the “gap” between.
HOW DOES GAP WORK?
Depending on where you live, the established market value of your vehicle could be less than the actual balance you owe. In the event of a total loss or theft, GAP waives the difference between your primary loan-to-value deficiency balance is the deductible up to $1,000.2
Your one-year-old financed vehicle is totaled beyond repair;
Your loan balance is
Your insurance company settlement is
based on your vehicle’s market value
less your insurance deductible
Total amount you owe without GAP
Total amount you owe with GAP
Your purchase of GAP is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement, you have with us. We will give you additional information before you are required to pay for GAP. This information will include a copy of the GAP Waiver Addendum which will contain the terms and conditions of GAP benefit. GAP eligibility requirements, conditions, and exclusions There are eligibility requirements, conditions and exclusions that could prevent you from receiving GAP benefits. You should carefully read your GAP Waiver Addendum form for a full explanation of the benefits, rules, terms and conditions of the program. This document is not a contract. GAP is a loan/lease deficiency waiver and is not offered as insurance coverage.
1 Subject to limitations and exclusions including a maximum loan-to-value limitation which may cap the benefit you receive
2 Not available in NY or AK