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guaranteed asset protection (GAP)
In today's vehicle market, the first few years that your borrowers own their vehicle, the loan balance can be higher than the actual value of their vehicle, as a result of depreciation. If the vehicle is stolen or totaled in an accident, the borrower would be liable to pay the difference between the insurance settlement and their outstanding loan balance.

Now, that difference between the market value and loan balance, can be protected, less delinquent payments, late charges, refundable service contracts, and other related insurance charges. We will cover your insurance deductible up to $1,000.

GAP is administered by Summit Administrators, Inc. and is available to financial institution customers in Texas only. No amounts are guaranteed.

GAP Waiver Login