When Insurance Isn’t Enough, GAP Can Help
Guaranteed Asset Protection (GAP) Plus Deductible Assistance can help cover costs that your car insurance may not.
What is GAP?
If your vehicle is totaled or stolen, your auto insurance may not pay out the full amount you still owe on your loan. While you’ve been making payments, your vehicle’s value may have declined faster than the balance of your loan.
That can leave you with an unexpected out-of-pocket expense, even after receiving an insurance settlement. GAP Plus Deductible Assistance can help cover that difference and provide additional deductible assistance benefits.
How GAP Can Help
- Your insurance settlement may not pay off your entire loan balance.
Let’s say you buy a $35,000 vehicle. After a few years, it’s stolen or declared a total loss. You still owe $28,000 on the loan, but your insurance company values the vehicle at $24,000. That leaves a potential $4,000 gap between what your insurance pays and what you still owe. - GAP helps protect against that difference.
GAP Plus Deductible Assistance may help cover the remaining balance after your insurance settlement, helping reduce unexpected out-of-pocket expenses. - Additional benefits may also be available.
If you finance your next vehicle with Sun East within 120 days of receiving your insurance settlement, up to $1,000 may be waived from your next vehicle loan, subject to program terms.
Why Would I need GAP Protection?
Frequently Asked Questions About GAP
Disclosures
Guaranteed Asset Protection (GAP) Plus Deductible Assistance is not insurance; it is an optional debt cancellation product. GAP will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP Fee to the amount financed under your contract will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid.