Guaranteed Asset Protection (GAP)

How Does GAP Work?

Simply put, Guaranteed Asset Protection (GAP)1 covers the difference between what you owe on your vehicle and what your insurance pays in the event of a total loss. Partner Colorado offers GAP to enhance, rather than replace, your comprehensive, collision or liability insurance coverage.

In the event of a total loss of your vehicle, GAP waives the difference between your primary carrier’s insurance settlement and the outstanding loan balance up to the covered amount, less delinquent payments, late charges, refundable service warranty contracts, and other insurance-related charges. Included in this difference is your insurance deductible, up to $1,000.00.

GAP Advantage

In the event your vehicle is stolen and never recovered or damaged beyond repair, GAP Advantage2 provides you with a $1,000.00 credit towards the financing of a replacement vehicle financed with Partner Colorado, in addition to waiving the difference between your primary insurance carrier’s settlement and the payoff balance of your loan. 

GAP Features and Benefits

  • 60 day refundable "free look" period
  • Avoid financial hardship and afford a replacement vehicle
  • No model, mileage or year restrictions
  • May prevent a deficiency balance from being added to your new loan
  • May help protect your credit rating
  • $1,000 towards the financing of a replacement vehicle

Ask us if GAP is right for your auto loan.

1GAP waives amounts up to the maximum approved Loan-to-Value (LTV) limits. A claim must be filed within 60 days from the date of the primary carrier's settlement. 

2To obtain the additional GAP Advantage benefit, a replacement vehicle must be financed at your institution within 90 days and a claim for the Advantage benefit must be filed within 95 days from the date of loss or date of primary carrier's settlement. 

Full terms and conditions available upon request.