In the event of a total loss, covers the difference between your insurance payout and the amount you still owe on your vehicle.
Power Gap is a program designed to protect customers in the event of a catastrophic vehicle loss. Gap pays the difference between the market value of the vehicle and the actual outstanding loan balance.
Coverage is available on loan terms up to 84 months and the maximum program benefit is $50,000. Loan-to-Value limit is up to 150% and there is no maximum APR.
The net payoff benefit can include negative equity from a previous trade-in, payment waivers, and deferred payments. Benefit paid will be net of amounts received for cancellable products.*
*Actual benefit calculation may vary by state. See agreement for details.
Any vehicle valued by NADA with an M.S.R.P. up to $100,000 is eligible for coverage. There are no age or mileage restrictions.
12 – 84 month terms available.
LIMITS OF LIABILITY
$50,000 or the difference between the actual cash value of the vehicle, as determined by the primary insurance carrier, and the outstanding loan balance.
If no primary insurance s in place at time of loss, the benefit will be the actual cash value of the vehicle, plus the value of the dealer-installed options and accessories*.
*Actual benefit calculation may vary by state, see agreement for details.
INSURANCE DEDUCTIBLE REIMBURSEMENT
The program will provide up to $1,000 toward reimbursement of the agreement holders primary insurance deductible.