Whole Vehicle Protection
The only way you were able to buy your current car was through an installment loan offered by the dealer. As you happily drive your wise purchase on your daily commute, you suddenly lurch forward and hear the sickening sound of crunching metal. This crash leaves you, the other driver, and his SUV safe. But what was once your shiny sedan has collapsed into a total wreck. Your insurance company will pay for what the car is worth, which has gone down due to deprecation. But the settlement is far less than what you still owe on the vehicle. After you receive the insurance payout, how are you going to pay for the remainder?
Here is an Example:
You totaled your vehicle in an accident. You still owe $25,000 on your loan to the Bank, but your insurance company only pays you the current actual Value of your vehicle or Market Value.
In the Example, the $5,000 would be waived by your GAP Contract and you would have no further obligation on the debt. *This Gap Payment is an Example and for Demonstration purposes only.