When you purchase a new car, powersport vehicle or craft, RV, travel trailer, or other automotive asset, collision insurance is typically required. But what happens if your asset is stolen or totaled and the insurance payout is less than the amount you owe on your loan?
When you purchase a new car, powersport vehicle or craft, RV, travel trailer, or other automotive asset, collision insurance is typically required. But what happens if your asset is stolen or totaled and the insurance payout is less than the amount you owe on your loan?
Without GAP coverage, you would be responsible for paying the difference, creating negative equity—either applied to your next purchase or out of your own pocket.
* Coverage details, restrictions, and availability may vary by state and lender. Please consult your dealer or request a specimen GAP contract for specific terms.
