Texas Gap Insurance Guidelines (Guaranteed Asset Protection)

Protect the investment in your vehicle

Protect the investment made in your vehicle with Guaranteed Asset Protection (GAP). GAP protects the “gap” between the vehicle’s value and the amount you still owe. It’s a non-insurance product made available via a loan/lease deficiency waiver. GAP can give you peace of mind by protecting you against the financial burden associated with the loss of your vehicle.

What does GAP protect?
GAP is designed for your protection whether you finance or lease a new or used vehicle. Ask your loan representative if your vehicle type is eligible for GAP.

How does GAP work?
GAP protection goes into effect when you need it most. With GAP, you have one less worry if your vehicle is totaled in an accident and can’t be repaired, or stolen and isn’t recovered.
GAP waives the difference between your primary insurance carrier’s settlement and the payoff of your loan. Included in this difference is your insurance deductible, up to $1,000****.

You stay in the driver’s seat
The following is a typical example of how GAP comes through for you:

• Original purchase price..............................................................$25,000
• Loan balance after one year......................................................$20,000
• Insurance settlement covering vehicle’s current value.........$16,000
• GAP WAIVES THE DIFFERENCE....................................................$4,000

TOTAL GAP BENEFIT..................................................$4,000

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For more information, please call 713-407-1755 or 1-800-392-5084.