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GAP (Guaranteed Asset Protection)

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GAP (Guaranteed Asset Protection)

GAP (Guaranteed Asset Protection)
What is it?
Vehicle protection that covers the difference between the actual cash value of your car (up to 150% of its value) and your outstanding loan balance at the time of your loss, less certain deductions like credit insurance or service warranty contracts.
Why?
Vehicle values decline rapidly. That's why your insurance settlement, in the event of an accident, may not cover your entire loan balance. Unless, of course, you have Guaranteed Asset Protection (GAP).
How it works

GAP is designed to eliminate your unpaid auto loan balance in the event your vehicle is stolen or damaged beyond repair (totaled). GAP supplements your primary auto insurance coverage.

For the one-time cost of $299.00, GAP covers the difference between the actual cash value of your car (primary insurance settlement) and your outstanding loan balance at the time of your loss, less certain deductions like credit insurance or service warranty contracts.

GAP is designed for all drivers, whether you finance a new or used vehicle. It may even cover your insurance deductible -up to $1,000 - as part of your claim settlement. And, the cost of GAP can be financed with your loan. GAP keeps you in the driver's seat!

To apply for GAP or obtain additional information, please contact FedChoice at 301.699.6151 • 800.969.6151.



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