To help furloughed Federal employees, CapEd is offering financial assistance to our members. Learn more about the options available.
To help furloughed Federal employees, CapEd is offering financial assistance to our members. Learn more about the options available.
To help furloughed Federal employees, CapEd is offering...
Guaranteed Asset Protection (GAP) helps borrowers and lenders avoid financial loss by waiving all or a portion of the deficiency between a borrower's payoff amount on their auto loan and the determined actual cash value of a vehicle in the event that a vehicle is totaled or stolen, up to a certain LTV maximum, less exclusions or limitations that may apply. This is a voluntary, non-insurance product. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed with CapEd!
How Does GAP Work?
The actual cash value of your vehicle, as determined by your primary insurance carrier, could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a "gap" after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement.*
How GAP Can Save a Driver from a Financial Disaster
Your loan balance is:
Your insurance company settlement is:
- Based on your vehicle's market value:
- Less your insurance deductible:
Loan balance remaining without protection:
Loan balance remaining with protection:
$15,000
$10,000
- $11,000
- $1,000
$5,000
$0
Your loan balance is: $15,000
Your insurance company settlement is: $10,000
- Based on your vehicle's market value: $11,000
- Less your insurance deductible: $1,000
Loan balance remaining without protection: $5,000
Loan balance remaining with protection: $0
PLUS $1,000 credit towards the financing of your replacement vehicle!
*GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum.
Did you know?
Our GAP program includes Auto Advantage!
When you purchase GAP from CapEd, the primary borrower and/or co-borrower also receives Auto Advantage, which includes Auto Deductible Reimbursement (ADR) at no additional cost.
The covered borrower may be reimbursed their deductible for any loss covered by the borrower's auto insurance policy for all their non-commercial passenger cars, trucks, or vans.
ADR Benefit Requirements are Simple:
- All vehicles are covered that are owned (title, registration, or loan documents) and insured by the primary borrower and/or co-borrower.
- Only four-wheel, non-commercial passenger vehicles (cars, trucks, vans) are covered. ADR does not cover motorcycles, boats, and RVs.
- A claim can be filed if the paid claim exceeds the borrower's deductible and has been approved and paid by the borrower's primary auto insurance. This includes comprehensive and collision claims and requires repairs to be made.
Click, Call, or Come In to Apply
Easily apply online for an auto loan, call us, or find a CapEd location to apply in person.
Questions?
Disclosures
All loans are subject to approval. Rates listed are base rates. Rates, terms, and conditions may change without notice and may vary based on creditworthiness, qualifications, loan amounts, and collateral conditions.
