GAP Protection Plans

What is GAP?

GAP is the short term used for Guaranteed Asset Protection.  In the event your vehicle is stolen, accidently damaged beyond repair, or otherwise declared an insured total loss, the insurance company pays the actual cash value of the vehicle at the time of loss -- NOT what you may actually owe.  You are liable for the difference between the insurance company's settlement and the balance of your loan/lease.  The void left (GAP) can be eliminated by purchasing Principal Auto GAP for your vehicle.

How Principal Auto GAP Works . . .

LOAN AMOUNT = $25,000

TERM = 60 MONTHS

LOSS DATE = 36 MONTHS

Loan/Lease Pay..................................................$15,000

Insurance Settlement*.........................................$12,000

  GAP..................................................................($3,000)

  Insurance Deductible........................................($1,000)

  Potential Out-Of-Pocket Expense.....................($4,000)

OUT-OF-POCKET EXPENSE

WITH GAP PROTECTION......................................$0

*Actual Cash Value of Vehicle

Watch this video to see how it works
Key Features & Benefits
  • Cancels your debt if your vehicle is totaled or stolen
  • Protects your credit rating and vehicle value
  • Assures you a positive financial transition
  • Eliminates your worries about financial burden
  • Covers a GAP loss up to $50,000
  • Covers your insurance deductible up to $1,000
  • Covers up to 150% of MSRP/NADA value
  • Available on your loan/lease up to 84 months
  • Loans up to $100,000 qualify