Are you financing or leasing your car, light truck, or SUV? Did you know that if it's totaled or stolen, YOU COULD FACE A FINANCIAL RISK that your auto insurance policy may not cover? Guaranteed Asset Protection (GAP) coverage protects you against this risk!
In the event of theft or total loss of your vehicle, most insurance companies only pay the Cash Value of the vehicle at the time of the loss. Your remaining loan balance could be much greater than the Cash Value of your vehicle creating a DEFICIENCY OF SEVERAL THOUSAND DOLLARS THAT YOU'RE LIABLE FOR! What is the "GAP" on your vehicle? You may be surprised at the answer! What is the GAP on my vehicle?
GAP protection can be added to any vehicle loan for a low, flat, one-time premium ($299.00). We can even incorporate the price into your loan balance.
Benefits:
Up to $1,000 of insurance deductible covered**
Low cost protection
Eliminates the out-of-pocket expense for the remaining loan balance after loss settlement
Helps the borrower avoid financial hardship and afford a replacement vehicle
Prevents deficiency balance from being added to new loan
Helps protect the borrower’s credit rating
60 day free look
Protect yourself against Mechanical Breakdown as well with MBI.
Please contact Rivermark's
for more information.
** Deductible reimbursement is available in most (including Oregon and Washington), but not all states. Please consult us for the availability of this benefit.
GAP Example
Vehicle's original purchase price:
$25,000
Suppose after one year you experience a total loss on your vehicle...
Loan balance after one year:
$20,000
Insurance settlement covering vehicle's current value:
$16,000
Your lost investment without GAP...
Your remaining unpaid loan balance; the "GAP" (including your deductible, up to $1,000)** :
$4,000
GAP pays the following toward the financing or leasing of a replacement vehicle...
