Did you know that on average it takes almost three years of a five-year auto loan to bring the loan balance down to the actual cash value of the vehicle? That's where Guaranteed Asset Protection comes in.
If your vehicle is stolen or damaged beyond repair, you're still liable for the difference.
Guaranteed Asset Protection (GAP) covers the difference between the cash value of your vehicle (what your primary auto insurance will reimburse) and your outstanding loan balance, so you won't have to continue making payments on a stolen or totaled vehicle. You can include GAP coverage on your next Altra vehicle loan for a low one-time payment. GAP is available for primary passenger vehicles, motorcycles, ATVs, snowmobiles, boats, jet skis, motor homes, and travel trailers.
Contact our Lending Center for details!