01. What is GAP?

GAP (Guaranteed Asset Protection) - In the event a vehicle is determined to be totaled in an accident or is stolen and not recovered, GAP is designed to help pay the difference between the insurance settlement or ACV (Actual Cash Value) and the loan balance as of the date of loss. The GAP beneift may not cover the entire outstanding balance and may be subject to any limitations or exclusions listed on the GAP waiver. GAP does not cover any late fees or unearned interest.