The GAP Advantage

• GAP offers protection against financial liability when financing a new or used vehicle.
• GAP protects against financial loss from depreciation in the event your vehicle is totaled or stolen and never recovered.
• GAP protects against loss resulting from unforeseen acts of nature such as tornadoes, floods, hurricanes, etc.
• GAP covers the difference between the market value of the vehicle and the amount owed, leaving you with little or no out of pocket costs. 

What does GAP cover?

• GAP was designed for all drivers, whether you finance a new or used vehicle
• GAP covers the difference between the market value of your vehicle and the loan balance, less delinquent payments, late charges, refundable service warranty contracts, amounts unrelated to the financing of the vehicle (i.e., cash advances, credit card consolidation debt), the unpaid borrower charge when financed into the loan, and other insurance related charges
• GAP covers your insurance deductible, up to $1,000

A typical example of how GAP is beneficial to you:

Original sale price....................$18,000

Loan balance after one year.....$15,000

Insurance settlement covers
the vehicle's current value.........$10,000

Your lost investment with out GAP:

Your remaining unpaid
loan balance (the "gap")....................$5,000

Plus your insurance deductible...........$1,000

GAP pays the following:

GAP pays the difference...........$5,000

Plus the deductible....................$1,000**

The Total GAP Advantage Benefit...........$6,000

For more information, please call 713-850-1600 or 1-800-392-5084.

*GAP is provided by State National Companies, a Provider brought to you by Smart Financial Resources, a wholly owned subsidiary of Smart Financial Credit Union.

**GAP Advantage and deductible reimbursement benefits are available in most, but not all states. Please consult your financing representative for the availability of this important benefit.