What is Guaranteed
Auto Protection?
| Guaranteed
Auto Protection Plus is
a loan/lease deficiency waiver and is not offered as insurance coverage. |
Guaranteed Auto Protection is a Loan/Lease Balance Deficiency (GAP) Waiver
designed to eliminate your unpaid net loan/lease balance in the event your
vehicle is stolen or damaged beyond repair (totaled). The GAP Waiver relieves
you of the responsibility for the full loan/lease deficiency balance that
the proceeds from your primary insurance policy or any applicable third
party insurance policy does not cover.
What Does the GAP Waiver
Cover?
| The
purchase of Guaranteed
Auto Protection Plus is
voluntary and cannot be required as a condition of credit approval. |
The GAP Waiver covers the difference between
the actual cash value of the car (primary insurance company settlement,
plus the actual deductible up to $1,000) and the outstanding loan/lease
balance at the time of loss, less certain deductions. It does NOT cover
the following: (1) any refundable additions to the loan/lease amount such
as service warranty contracts and credit insurance, (2) delinquent payments
greater than 60 days past due, (3) late charges or other fees added after
loan/lease inception, (4) any portion of the loan/lease that exceeds 150%
of MSRP (new cars) or 150% of the average retail book value (used cars).
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