What is GAP and why do I need it?
GAP is Guaranteed Asset Protection and is often added or sold at the time of loan closing. It covers the difference between what insurance covers and the amount you owe on your loan should your vehicle be totaled. Even the best insurance may not cover the entire amount you owe on an auto loan. In fact, if the average new car owner has his or her vehicle stolen or damaged beyond repair, they could still owe thousands of dollars after the insurance settlement. GAP will help fill the remaining balance of your loan and what insurance pays. Plus with Denver Community’s GAP Advantage, you’ll get back on the road more quickly with a $1,000 allowance to finance a replacement vehicle with us.
To learn more about GAP Advantage, call 303-573-1170 or use our contact form.
*Guaranteed Asset Protection is considered insurance coverage in some states.
Your purchase of GAP is optional. Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credit agreement you have with the financial institution. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP. You should carefully read the contract for a full explanation of the terms.