The value of your new or pre-owned vehicle starts to depreciate the moment you take possession of it. If a total loss occurs, you are personally responsible for the difference between what you still owe on your vehicle and the primary insurance carrier’s settlement amount, commonly referred to as the “GAP.”
For efficient and accurate processing, the GAP benefit is paid directly to the lienholder to be applied to your loan or lease.
Your primary insurance carrier’s deductible may be covered up to $1,000.
A full refund will be provided if you cancel your GAP Waiver within 30 days of purchase, providing no benefit has been waived. After 30 days, your refund will be pro-rated.
1 Programs may vary by dealer, lender, and/or state
|Net loan payoff balance||$33,977|
|Less primary insurance carrier settlement||($29,040)|
|Less vehicle service contract refund||($700)|
|Outstanding Loan Balance||$4,237|
|Less primary insurance carrier’s adjustment (Wear & Tear)||($175)|
|Potential MasterTech™ Debt Protection Program GAP benefit||$4,062|
|Final loan balance (your out of pocket expense)||$175|
2 This example is for demonstrative purposes and is only provided to show you what a potential benefit breakdown may look like.