If your contract contained GAPCoverage, and your financed vehicle is stolen or declared a total loss and the insurance doesn't satisfy the outstanding contract balance on your vehicle, GAPCoverage waives the difference.
GAPCoverage, with certain restrictions, waives the difference between the current outstanding balance (subject to conditions) and the actual cash value of the vehicle at the time of the loss. See your GAPCoverage documents for additional information about the GAPCoverage Program. In some states, GAPCoverage is considered an insurance product.
GAPAdvantage offers the same great waivers as GAPCoverage with one additional feature - GAPAdvantage provides the customer with a $1,000 down payment on a replacement new or Pre-Owned vehicle when purchased at the originating dealer. GAPAdvantage is available in approved states only. See your GAPCoverage documents for complete details.