Close the Gap!
Thursday, December 20, 2012
“In an attempt to kill a fly, I
drove into a telephone pole.” The fly is still buzzin’ but your brand new truck is smokin’. An accident will put a damper on any driver’s day. The real kicker comes when your rig is deemed totaled and your insurance does not cover the full amount you still owe on the lease agreement.
What many motorists don’t know is how rapidly their vehicle’s actual cash value depreciates once it is driven off the dealer’s lot. Guaranteed Auto Protection, otherwise known as GAP insurance, covers the gap between the actual
cash value of the vehicle and the amount owed to the finance company at the time of a total loss.
Many finance companies require GAP insurance and rightfully so! GAP insurance is intended to protect the company’s assets, as well as, the buyer’s finances. Guaranteed Auto Protection is marketed toward buyers with low down payments, high interest rates or 60-plus month loans.
While we would all like to consider ourselves the “perfect driver,” an accident can happen at any time. GAP insurance will keep you from making monthly payments toward a vehicle that is sitting in the junk yard. So drive smart, play it safe and close the gap today!