What is GAP?

That is a great question!  Just below is a graphical representation of what GAP (Guaranteed Asset Protection) does for you. If the unfortunate happens and your vehicle is totaled out by your insurance company, then they will only pay what they deem the vehicle to be worth, which in may cases is less than one owes on it. That difference is the "gap" bewteen what you owe and what your vehicle is worth. This protection plan will cover that "Gap" so that you will not be financially liable to pay thousands to cover it. These dependencies happen for a multitude of reason and does not mean you did not get a great deal on the vehicle you purchased. vehicles simply depreciate over time and there must be a difference between the price of a new and a preowned and that of different year preowned vehicles. In addition to that if one does not pay for their taxes, title, license up front then this further increases that "gap" along with any negative equity that is rolled over as well. Help protect yourself from the "gap" with Ally Guaranteed Asset Protection (GAP). See Dealer for Details. Ally GAP benefits include:

  • Availability on both new and used vehicles
  • Coverage for finance agreements up to 96 months
  • Coverage on the remaining net outstanding balance including a deductible up to $1,000 (where permitted by state law)
  • A full refund if cancelled within 60 days, provided no claims have been made (after 60 days, your refund will be prorated)
  • The ability to include the plan cost in your monthly vehicle payment

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