Guaranteed Asset Protection (GAP)
If your vehicle is stolen or totaled in an accident, your insurance settlement may not be sufficient to pay off your auto loan. Don't let this happen to you! LOC can help you fill in the gap between the insured value of your car and the outstanding balance of your loan with Guaranteed Asset Protection.
A low, flat, one-time fee of $400 will offset the difference and provide $1,000 toward a replacement vehicle financed through LOC. You can opt in by accepting the insurance at the time of closing and the fee will be rolled in to your loan balance. You can also add GAP insurance to your loan at any point after closing; however, the fee will have to be paid in full.
If you have any additional questions about our auto protection options, please do not hesitate to contact us at 800.837.4562