| 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.