There are many variations of Guaranteed Asset Protection (GAP) contracts in the marketplace. The most important difference in these variations can be found in the definition of Actual Cash Value.

• Settlement – Pays the amount equal to the unpaid net balance less the primary insurance settlement, plus up to $1000 deductible (preferred and recommended).
• Standard – Pays the amount equal to the unpaid net balance less the actual cash value of the vehicle, plus up to $1000 deductible. Most insurance coverages define actual cash value as the greater of (a) the valuation amount given by the contract holder’s primary insurance carrier or (b) the retail value listed in the region-specific NADA book.

Provides peace of mind to customers, as they know their investment is protected.