GAP Protection – Team Toyota
Today we are going to discuss the use of GAP Protection as a tool to protect against potential loss of value from a vehicle being wrecked while the owner owes more to the financing company than the vehicles actual cash value. We at Team Toyota offer many tools to protect our customers financially, but GAP is one of the essential tools that many customers need in order to get financing approval. GAP Protection protects from the possibility being “upside down” from complete loss of vehicle due to either theft or collision damage.
Some potential scenarios:
1) You owe $21,000 on your loan or lease and you total your vehicle. The value of the car is $15,000. Without GAP coverage, you will be on the hook for $6,000 to the financing company. With GAP coverage, you owe nothing.
2) Your car is 4 years old and you are close to paying off your loan. The payoff amount is $8,500 and the current market value is $11,000. You total your car. GAP coverage is useless here since you will actually pocket $2,500 after getting a check from your insurance company.
GAP Protection is not going to provide a gain as was explained in the second scenario, but instead is a tool meant to provide risk management. This can be purchased for both new and pre-owned vehicles and is very highly recommended or sometimes even required. The potential for loss due to fluctuations in market value of vehicles can be incredibly burdensome for some people. Give yourself peace of mind today by purchasing GAP Protection. GAP is available on every vehicle purchased at Team Toyota so make sure to ask your Finance & Insurance Manager about what is involved in making sure you are properly protected when you leave the lot with your New or Pre-owned Toyota!
Team Toyota 1788 O’neal Lane Baton Rouge, LA 70816
www.team-toyota.com 888-719-6871
For all of your Sales, Service, Parts or Collision needs
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