Guaranteed Auto Protection
Guaranteed Auto Protection (GAP)
If your vehicle is declared a total loss, your physical damage auto insurance company may not cover the amount needed to pay off your finance or lease contract. Auto insurance companies will generally pay the market value of the vehicle minus the auto insurance deductible (if applicable).
So who pays the remainder? You do, unless you have Guaranteed Auto Protection (GAP).
GAP is designed to protect you and your family from an unexpected financial obligation if your vehicle is declared a total loss from causes such as theft, accident, fire, or flood.
Toyota's GAP program will pay the difference (or deficiency) between your vehicle's market value and the balance on your finance or lease contract, including up to $1,000 of your auto insurance deductible (if applicable) in most states.
How GAP Works
(for illustrative purposes only):
| Finance or lease contract payoff amount |
$23,000 |
|
| Minus total auto insurance settlement |
-20,000 |
1 |
| |
 |
|
| |
$3,000 |
|
| Plus auto insurance deductible |
+1,000 |
2 |
| |
|
|
| Total out-of-pocket expense |
$4,000 |
3 |
| Minus Toyota GAP payment4 |
-4,000 |
|
| |
|
| Total owed to financial institution to pay off finance or lease contract |
$0 |
|
Ask Your Toyota Dealer
GAP is available only at the time of vehicle purchase or lease. Ask your Page Toyota Business Manager for further details. |
