Credit Life Insurance | Credit Disability Insurance | Guaranteed Auto Protection (GAP) Insurance
Are you sure you have Full Coverage Protection?
- Are you financing more than 70% of your vehicles MSRP?
- Are you financing any negative equity?
- Are you financing your taxes?
If you answered “Yes” to any one of these questions… You do not have full coverage protection!
Guaranteed Automobile Protection (GAP) gives you complete assurance! If your vehicle is deemed a total loss, GAP helps take care of the difference between what your insurance company pays and the loan amount.
If you're still making payments on your Toyota, GAP can minimize or even eliminate your financial obligation if your vehicle is declared a total loss. Your auto insurance policy is only obligated to pay the actual cash value (or "vehicle market value") of your vehicle, not the loan amount in the event of a total loss. In many cases, this could be less than what you still owe on your finance or lease contract.
So who pays the remainder? You do - unless you have Guaranteed Auto Protection.
MPP's GAP program is designed to protect you and your family from an unexpected financial burden if your vehicle is declared a total loss from causes such as theft, accident, fire, or flood. GAP will pay the difference (or deficiency) between your vehicle's market value and the balance on your finance or lease contract, including up to $1,000 of your auto insurance deductible (if applicable) in most states.
Protect yourself and get Full Coverage Protection!
How GAP Works (for illustrative purposes only):
| Finance or lease contract payoff amount |
$25,000 |
| Minus total auto insurance settlement |
-$17,5001 |
| |
$7,500 |
| Plus auto insurance deductible |
+$1,0002 |
| Total out-of-pocket expense |
$8,5003 |
| Minus Toyota GAP payment4 |
-$8,500 |
| Total owed to financial institution to pay off finance or lease contract6 |
$0 |
Ask Toyota & Scion of Richardson
GAP is available only at the time of vehicle purchase or lease on new Toyota vehicles and on used Toyota vehicles. Ask Toyota & Scion of Richardson for GAP5.
Click here to download a printable verison.
1 Total auto insurance settlement before deductible is applied.
2 GAP includes up to $1,000 of your auto insurance deductible (if applicable) in most states.
3 Deficiency balance at time of total loss.
4 Less any delinquent payments, taxes, and past-due charges. See agreement, certificate, or waiver for complete details. Some restrictions may apply.
5 Type and availability of GAP vary by state. GAP may not be available on finance and lease contracts in some states.
6 The above examples are for illustration purposes only. In some circumstances (such as past due payments, deferred payments, interest charges, delayed insurance settlement, or other plan limitations) the Guaranteed Automobile Protection may not take care of the entire GAP. Programs vary by state. For complete terms and conditions, see the Debt Waiver Addendum/GAP Certificate applicable to your state.
