Guaranteed Asset Protection (GAP)
If the unexpected happens to your vehicle, you could lose more than just the vehicle; you could lose your entire investment. For example, if you get into an accident and your vehicle is totaled, you can only expect your auto insurance to cover the residual value of your vehicle. If by chance you owe more than the residual value, you could be required to cover the difference out of pocket! With MidUSA’s Guaranteed Asset Protection, you can bridge the “gap” between the amount you owe and the amount your insurance company will pay on your behalf.
GAP insurance provides protection on both new and used vehicles with 4 great benefits:
1) Low cost protection at a one-time fee of $424 that comes with a 60 day free look
2) Protection up to 84 months and loan-to -value up to 125%
3) GAP will cover up to $1000 of your deductible if there is a “gap” after the primary insurance settlement is paid!*
4) The GAP premium of $424 can be added to your loan with no effect on your monthly payment. GAP can also be added after the loan closes.
* Deductible is covered as part of the deficiency balance and is not paid directly to the borrower