Car or Truck GAP Insurance: What is it?
GAP insurance is an optional insurance coverage that works as a backup plan to protect you and your expenses. If you ever find yourself facing a total loss due to a theft or an accident, GAP insurance will come in handy.
What is GAP insurance?
- Insurance that pays the remainder of your auto loan if you find yourself facing a total loss due to a theft or an accident.
Why apply for an auto loan at Hank Graff Chevy - Durand?
- Sound Finance Advice: Our team has years of experience and can expertly handle all your finance questions and concerns.
- Great Finance Connections: Our close relationships with credit unions and banks can get you an affordable auto loan.
- Low Interest Rates: No matter your credit score, our finance team will work hard to get you the lowest interest rate possible.
How do I contact the Finance Department?
- By visiting our ‘Finance Form’ page or by calling our Finance Department at (989) 288-2657.
When a total loss occurs, your auto loan doesn’t just go away. Although your insurance may cover a large portion, most of the time there is still a hefty sum that will need to be paid.
GAP insurance pays the difference between the actual cash value of the vehicle (what your insurance pays) and the current outstanding balance on your loan or lease. Without this insurance, you may find yourself paying the gap between what you’ve paid and what you owe. More often than not, this is a substantial amount that can be difficult to pay.
If you believe that GAP insurance is something you’re interested in, you’ll need to pay a small premium. However, this is pennies compared to what you could owe in the event of a total loss.
The experts at Hank Graff know the exact details of your insurance options and can assist you if you’re confused. At our dealership, we truly want you to have FUN while purchasing a new vehicle. If at any point you feel stressed or confused, please don’t hesitate to contact us. We’re here to help you at any point along the way!
If you aren’t sure what your current credit score is, take a moment to fill out our secure Finance Form. Once we’ve received your information, we’ll be able to give you your credit score, as well as your pre-approval information.
Our Finance Department can be reached by calling (989) 288-2657.
We are proud to provide new and used auto loans to our customers in Fenton, Linden, Owosso, Flint, Swartz Creek, Lapeer, Waverly, Waterford, Corunna, Haslett, Vernon, Burton, and more!