APPI Guaranteed Asset Protection at Vic Canever Chevrolet
Unexpected events can put your investment at risk as soon as you drive off the lot, even when carrying full insurance on your new Chevy. Many drivers don't realize that after an accident or theft, insurance may only cover your vehicle's current market value, which can fall far short of your outstanding loan or lease balance.
If you're left owing more than your insurance payout after a total loss, you are still responsible for paying that difference. That's where Advanced Protection Products International (APPI) Guaranteed Asset Protection (GAP) from our Chevy dealership near Highland Township steps in, protecting you from unexpected costs so you can move forward with confidence.1
What Is Guaranteed Asset Protection (GAP)?
Guaranteed Asset Protection (GAP) is a smart protection product for anyone purchasing or leasing a new Chevy in Fenton. GAP is a debt waiver agreement, not an insurance policy. It is designed to bridge the financial gap between what your insurance company pays out if your vehicle is totaled or stolen and what you still owe on your finance agreement. In any total loss situation, standard insurance will only pay the actual cash value of your vehicle at the time of the incident.
Because vehicles depreciate rapidly, this value can be much lower than your remaining balance, especially early in your finance or lease term. With APPI GAP, the difference between your insurance settlement and your contract balance is waived, which can save you thousands of dollars in out-of-pocket expenses.1
When Will I Need to Use GAP?
Drivers often find themselves at risk during the early years of a new Chevy finance or lease agreement, when depreciation outpaces the rate at which the loan or lease is paid down. If your car is stolen or damaged beyond repair, your auto insurance pays out the vehicle's market value, not what is owed.
This creates a "gap" between the contract balance and insurance payment, which you are responsible for covering. GAP protection is crucial for Michigan Chevy finance customers with minimal down payments or long loan terms, as these scenarios can increase unpaid balances in the event of a total loss. Adding GAP ensures you are not left with a financial burden during these stressful situations.
What Are the Benefits of APPI GAP?
APPI Guaranteed Asset Protection purchased at Vic Canever Chevrolet offers essential benefits for every new Chevy customer:1
- Protects against owing money on a car you can no longer drive after a total loss
- Waives the deficiency between your insurance settlement and the amount you still owe
- Provides financial peace of mind for both finance and lease customers
- Eases the process of getting into a new vehicle after a total loss
- Designed for convenience and added at the time you finance or lease with Chevy finance options
GAP protection is an affordable way to ensure surprise expenses do not disrupt your budget or recovery after a major loss.
Guaranteed Asset Protection Plans Near Me
If you're searching for Guaranteed Asset Protection plans nearby, Vic Canever Chevrolet is here to help. Our team explains APPI GAP coverage, reviews eligibility and helps you choose the right plan to protect your investment in a new or used Chevy.
Whether you're financing or leasing, we make adding GAP easy with your purchase or lease agreement. To learn more or request a quote, contact Vic Canever Chevrolet in Fenton!
1 Actual amounts in relation to specific finance agreement balances may vary. The information contained in this brochure is intended to provide a general outline of the benefits of the APPI, Inc. GAP debt waiver agreement and should not be relied upon as providing all relevant information when purchasing GAP. The information on the graphs is for illustrative purposes only. Be sure to carefully read the APPI, Inc. GAP deficiency waiver addendum because all benefits referenced herein are subject to specific limitations, exclusions, and conditions as set forth therein.
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APPI GAP Coverage FAQs
Is APPI GAP required with my Chevy finance or lease?
GAP is optional but highly recommended to protect yourself from owing money if your vehicle is totaled or stolen.
What exactly does GAP cover?
GAP covers the difference between your primary insurance settlement and the amount still owed to your lender or lessor.
When should I purchase GAP protection?
GAP should be added when you finance or lease your new Chevy, though eligibility may be possible later in some cases.
Does GAP cover missed or late payments?
Certain exclusions may apply, including missed or late payments. Read your agreement carefully for covered items.