Gary Crossley Ford Vehicle Protection Plans

GAPCoverage: The Safety Net for Car Buyers

When purchasing a new or used car, many customers take out a loan to pay for the vehicle. However, unexpected events such as theft or an accident can render a car damaged beyond repair. In these situations, the market value of the car is often less than the outstanding loan amount, leaving the customer responsible for paying off the remaining balance. This can be a significant financial burden, especially for those who are already stretched thin. This is where Guaranteed Asset Protection (GAP) Coverage comes into play.

GAPCoverage covers the difference between the market value of the car and the outstanding loan amount in the event of theft or total loss. Essentially, it acts as a safety net for car buyers, protecting them from owing more money than the car is worth. Without GAPCoverage, a customer could be left paying thousands of dollars for a car that is no longer usable.

In addition to covering the difference between the market value and loan amount, GAPCoverage also often includes additional benefits such as waived deductibles and rental car coverage. These added perks can provide peace of mind during a stressful and potentially costly time.

It is important to note that GAPCoverage is typically not included in a standard auto insurance policy. Customers must purchase this coverage separately, and it is usually offered by the car dealership or lender. While GAPCoverage is an added expense, it can be well worth it for those who are worried about potential financial losses in the event of theft or total loss.

In conclusion, GAPCoverage can provide customers with added protection and peace of mind when purchasing a new or used car. By covering the difference between the market value and loan amount, GAPCoverage can help customers avoid financial hardship in the event of theft or total loss.

GAPCoverage is designed to protect your investment. Your Coverage company may not pay enough to satisfy what you owe in the event of a total loss or if your Ford is stolen. GAPCoverage will help ensure you don’t owe money on a vehicle you no longer own. 

Ford offers two different types of coverage: GAPCoverage and GAPAdvantage. 

GAPCoverage

Ford offers its GAPCoverage protection for new and used vehicles in terms of up to 96 months. Personal-use vehicles (up to 12,500 lbs. GVWR) with financing up to $125,000 can receive coverage, and you also get up to $1,000 toward your deductible (except in Alaska). 

GAPAdvantage

GAPAdvantage takes things a step further and helps get you back on the road. It offers all the features of GAPCoverage plus $1,000 toward the cost of a replacement vehicle from Gary Crossley Ford.

Exclusions:

GAPCoverage/GAPAdvantage does not provide benefits when loss or damage occurs:

• Due to fraud or intentional damage by you
• Prior to the total loss date
• Outside the U.S. or Canada
• After the redemption period following a repossession
• Due to legal confiscation by a public official
• If licensed, registered/titled in a business name or used for business, or has a salvage title

Additional Exclusions include:

• Late charges, delinquent payments, and deferred payments
• Various refundable amounts are due to you for early cancellation of financed products
• Termination and disposition fees
• Additional limitations apply. Be sure to review all limitations outlined on your GAP addendum.