Loan Protection Products

Protect your investment! We have several options to protect your new auto investment. Take a few minutes to get familiar your options and ask your Loan Representative for details!

 

GAP Coverage (Guaranteed Asset Protection)

In most circumstances, your vehicle is worth a lot less the second you drive it off the lot. For what amounts to just a few dollars a month, GAP Coverage can save you from making loan payments on a vehicle that’s beyond repair, or stolen and not recovered. The Coverage is designed to pay the difference, (i.e., the GAP) between what you owe on the vehicle and what the vehicle is worth at the time of the incident.

Get GAP at time of your loan or If you already have an auto loan with us, GAP Insurance may be added at any time. The total cost is just $449.

Get security for financial loss with GAP Insurance:

  • Protection for the term of your loan, up to 84 months.
  • Coverage or vehicles valued up to $100,000 at the time of purchase.
  • Payment of benefits up to $50,000.
  • Coverage for auto insurance deductibles as part of the GAP claim settlement up to $1,000 and where allowed by law.
  • Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles.
  • Auto Deductible Reimbursement (ADR) is complementary with GAP (if applicable)

What is Guaranteed Asset Protection?

GAP is a voluntary, non-insurance product designed to waive the remaining loan balance not covered by the borrower’s primary insurance carrier settlement in the event of a total loss or unrecovered theft, subject to limitations and exclusions, including, but not limited to, loan-to-value (LTV) maximum, delinquent payments, late charges, refundable service warranty contracts, and other insurance-related charges. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed or leased with our financial institution!

How does GAP work?

The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. Not available in NY or AK.

Loan Balance $18,000
Insurance Settlement $15,000
GAP covers $3,000

It’s easy to protect your vehicle; just ask for GAP Insurance when you apply for your vehicle loan. If you already have an auto loan with us, GAP Insurance may be added at any time. The total cost is just $449.

GAP disclosures
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 webpage is not a contract. GAP is a loan/lease deficiency waiver and is not offered as insurance coverage. GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum.

Mechanical Breakdown Protection (MBP)

Drive with the peace of mind knowing that with Mechanical Breakdown Protection (MBP) you have protection against the increasingly high cost of repairs and associated labor costs for mechanical and electrical vehicle failures. In addition to repairing your vehicle, MBP provides services such as rental car allowance, tire protection, 24/7 roadside assistance, and towing. MBP is available for both new and used vehicles. This coverage will protect your vehicle after your warranty has expired. Ask us how you can drive with the proper protection against costly repairs!

Benefits of MBP:

  • 24/7 Roadside Assistance & Towing
  • Rental Car Allowance
  • Tire Protection
  • Trip Interruption Coverage
  • Consequential Damage Coverage

Call us at 770.719.1111 or 800.338.5582 to learn more about Mechanical Breakdown Protection!

Depreciation Protection

Protect the equity of your vehicle!

What is Depreciation Protection?

Depreciation Protection (DPW) protects your vehicle equity and hedges against depreciation over the life of the loan. In the event of a total loss, DPW provides a waiver benefit equal to the difference between the vehicle value at the time of purchase, less the loan balance at the time of loss up to a maximum waiver benefit of $10,000, or the outstanding loan balance.

Benefits of Protection:

  • Protection for collision
  • Life-of-loan Protection
  • No mileage or year restrictions
  • Protection for theft and fire
  • 100% open enrollment
  • Protection for vehicle depreciation

Ideal For Those Who:

  • Finance 90% LTV or less
  • Put money down
  • Trade in a vehicle
  • Make accelerated loan payments
  • Need to protect equity
 Purchased at Dealership6 Months1 Year3 Years
 Here's How It Works:

Price of Vehicle
(MSRP / Retail)

$30,000

$30,000

$30,000

$30,000

Outstanding Loan Balance

$28,500

$26,681

$24,469

$15,282

Depreciation Protection Waiver Benefit at Total Loss

$1,500

$3,319

$5,531

$10,000

*Maximum Waiver Benefit can vary depending on level of protection selected and/or offered. Please reference the waiver addendum for specifics regarding maximum waiver amounts. *$10,000 Waiver Benefit applies here because waiver amount will not exceed the lesser of the maximum amount listed in the waiver addendum or outstanding loan balance at total loss. Loan Amortization Used in Example: 2.99% APR, 72-month

Debt Protection

Debt protection may cancel your loan balance (up to the contract limits) or monthly loan payment without penalty or added interest due to an unexpected event. You can select the optional plan that will support your family’s financial protection needs.

Protect What Matters

Life is unpredictable. There are a wide range of unexpected events that could leave you and your family scrambling to pay monthly bills. In the event of death, disability or unemployment, you wouldn’t want your family to worry about making your loan payments.

With Debt Protection, your loan balance or monthly loan payments may be canceled without penalty or added interest.

  • In the event of death, it cancels the remaining loan balance up to a maximum in the contract.
  • If you become disabled, it cancels up to a maximum number of loan payments based on the contract.
  • If you are involuntarily unemployed, it cancels up to a maximum number of loan payments based on the contract.

Questions? Call one of our loan representatives at 770.719.1111 or 800.338.5582.