Why GAP Matters – a Member Story
Did you know if you total your vehicle or it gets stolen and never recovered, you still have to pay back your auto loan in full? And because your car loses value that minute you drive it off the lot, the money your insurance company pays you for the car is often less than what you still owe on your loan. Few things are worse than making a monthly payment on vehicle you can’t use, right?
Enter GAP coverage. GAP stands for Guaranteed Asset Protection. It’s optional insurance coverage that only adds a few dollars to your monthly payment but could save you thousands of dollars on your next vehicle. GAP pays the difference between the amount you still owe on your loan and the amount the insurance company pays your for your claim on the car.
The GAP coverage that comes with Kelly Community loans actually covers more than that so you have money for a replacement vehicle.
Listen to Scott’s story above. He’s one of many Kelly Community members who never thought they would need GAP but are thankful they had it.
Learn more about Kelly Community GAP coverage.
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