According to CARFAX, new vehicles lose about 45% of their value within three years, and about 60% of their total value within five due to depreciation.
In the event your vehicle is declared a total loss after an accident or theft, it’s likely the standard insurance policy will fall short in covering your entire loan balance. In fact, if the average new car owner has their vehicle stolen or damaged beyond repair, they could still owe thousands of dollars after their insurance settlement.
To protect yourself from a financial loss, move beyond the industry standard with coverage that’ll benefit you through your entire loan term.
GAP Advantage™ can pay up to the remaining balance of your auto loan after an insurance payout and give you additional funds to finance your next vehicle with us.
In most cases, GAP Advantage will make up the difference between what your insurance policy covers and the amount you still owe. So, instead of paying off a substantial loan balance for a vehicle you can no longer drive, you could be relieved from your remaining loan balance and have funds to put toward a down payment on a new car.
Give yourself peace of mind knowing your auto loan won’t be a be a burden if an unexpected accident or theft occurs.
To learn more, call your loan officer today!
Your purchase of GAP Advantage is optional. Whether or not you purchase GAP Advantage will not affect your application for credit or the terms of any existing credit agreement you have with the financial institution. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP Advantage. You should carefully read the contract for a full explanation of the terms.
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