Guaranteed Asset Protection

GAP protection for unexpected loss

Guaranteed Asset Protection

After a total loss due to accident or theft, customers may be left owing the outstanding balance on their auto loan. A GAP waiver can provide financial relief during these unfortunate situations.

GAP Waiver

While you can’t predict theft or an accident, a Guaranteed Asset Protection (GAP) waiver can help protect your customers from the resulting costs. Industry reports suggest that roughly a quarter of all collision claims result in a total loss declaration.

The difference between the amount covered by the insurer and the remaining balance on the loan is often referred to as the “gap.” The dealer’s customers would be responsible for paying this amount to the lender. A GAP waiver can help limit this financial obligation by waiving some or all of what is owed, excluding certain items such as unpaid past-due payments and late fees. 

Coverage Overview

  • Available for new and used vehicles
  • Can be financed on loans up to 84 months
  • Can be financed on loans up to 150 percent of the MSRP (new vehicles) or NADA retail value (used vehicles)*
  • Available for vehicles with a retail sales value up to $100,000*

 

*Does not apply to all GAP products. Please see the actual waiver for terms, conditions, limits of liability, exclusions and state-specific provisions that may change your coverage and/or benefits.

Illustrative Example for a $30,000 loan

Your out-of-pocket saving could be substantial:

Let's say your loan balance is:$30,000
Your insurance company says the actual cash value of your lost vehicle is:-$22,000
Leaving you with a "gap" of:$8,000
Primary insurance deductible is:+ $1,000
Total out-of-pocket expense:$9,000
A GAP waiver can reduce this amount to as little as:

$0

For illustrative purposes only. Your individual situation will vary depending on the details of your financing, vehicle specifics and driving history. Some of your loan may remain even after the waiver is applied, due to missed payments, amounts previously due, late fees and other adjustments.

Contact Us

 

If you are a contract holder or someone interested in purchasing CNA National products, you can conveniently get answers to common questions by visiting our Frequently Asked Questions page. If you still have questions, please feel free to call us our use the form below.

 

Please note that this form is for inquiries only. To file a claim or check on the status of a claim, please call us at (800) 345 - 0191.