Closing the Gap to Protect Your Vehicle Investment
Since most insurance policies base their claims on the present value of your vehicle, your loan balance could likely be higher than the value of your vehicle if your vehicle is stolen or totaled. The gap between the vehicle's value and the remaining balance means you could be left owing a lot of money to pay off your loan.
How Does GAP Work?
Simply put, Guaranteed Asset Protection (GAP) 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 payoff of your loan 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.
Stolen Vehicle Protection
In the event your vehicle is stolen and never recovered or damaged beyond repair, GAP Advantage 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.
Ask about GAP when you apply for your auto loan at Partner Colorado or contact us to add GAP to your existing auto loan today.