WHAT IF YOUR VEHICLE IS STOLEN OR A TOTAL LOSS?
Most cars depreciate by thousands of dollars as soon as they are purchased. If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference, the "gap," between your insurer's settlement and your loan balance. That gap will come out of your pocket for a vehicle that no longer exists.
What Are Your Options?
You can sign up for GAP when you apply for your vehicle loan. There is no underwriting, no red tape, anb no hassles. The purchase amount of $299 also can be rolled into your loan.
GAP provides security for financial loss and includes:
Protection for the term of your loan up to 84 months.
Coverage for vehicles valued up to $100,000 at time of purchase.
Payment benefits up to $50,000.
Coverage for auto insurance deductibles as part of the GAP claim settlement up to $500 and where allowed by law.
Benefits for new or used vehicles.
GAP Plus coverage, which includes up to $1,000 down payment credit toward a replacement vehicle when financed by NET.
For more information, contact the Loan Department at 570-961-1100.