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Loan Protection Programs

Life is unpredictable. Protect your loan with one of our loan protection options.

Learn more about Auto LoansHow to File a Loan Protection Program Claim

Or call 1-800-621-2105

Guaranteed Asset Protection (GAP)

Covering the gap between what you owe and what your car is worth.

In the event your vehicle is “totaled” or stolen, your primary insurance company settlement can be significantly less than the outstanding balance on your loan or lease. This may create a deficiency balance or a "gap" resulting in a serious financial hardship for you. Guaranteed Asset Protection (GAP) covers the loan balance that your primary insurance carrier did not cover.

KEY FEATURES

  • Eliminates the out-of-pocket expense for the remaining loan balance after loss settlement1
  • Covers primary insurance deductible up to $1,000 (not available in all states)
  • Protection provided for the term of your auto loan — up to 90 months
  • Available for new and used auto purchases — no model, mileage, or year restrictions
  • Has a 60-day money back guarantee

GAP ADVANTAGE

GAP Advantage is add-on coverage that pays an additional $1,000.00 toward the purchase or lease of a replacement vehicle.

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Mechanical Breakdown Protection (MBP)

Get nationwide protection and 24-hour roadside assistance.

Mechanical Breakdown Protection (MBP), also known as an extended warranty, is automobile protection that extends beyond the manufacturer's factory warranty and covers repairs of unexpected mechanical breakdowns. For the period of time the contract is in effect, you are assured that covered components of your vehicle will be repaired in the event of failure, including labor, subject to any applicable deductible.

KEY FEATURES

  • Covers repair costs for covered auto components
  • Can be used for new and used vehicle purchases
  • Includes 24-hour emergency towing and roadside assistance and rental car reimbursement assistance
  • Protects your vehicle nationwide
  • Is transferable if you sell your vehicle before your MBP expires

MAY BE A GOOD CHOICE IF

  • You have a car with higher mileage that needs extra protection
  • You want to reduce the possibility of out-of-pocket expenses when your vehicle suffers an unexpected mechanical or electrical failure
  • You want peace of mind that your investment in your vehicle is protected

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Auto Essentials

Get a bundled package of coverage that protects you from out-of-pocket expenses.

Auto Essentials is a bundled Vehicle Protection Plan (VPP) package of coverages that protects you from normal driving incidents and out-of-pocket expenses that aren't typically covered by insurance policies. manufacturer's warranties or extended warranties.

ESSENTIAL COVERAGE

  • Key or Remote Replacement — Replacement of lost, stolen, or destroyed keys or remotes.
  • Tire & Wheel Road Hazard Protection — Repair or replacement of punctured, cut, or flat tires and damaged wheels/rims caused by road hazards or potholes. Includes cosmetic wheel repair.
  • Paintless Dent Repair — Permanently removes door dings and minor dents without harming a vehicle's factory finish.
  • Windshield Repair —  Repairs chips and cracks caused by propelled rocks or road hazard debris while driving on public roads. streets, and highways

24/7 ROADSIDE ASSISTANCE

  • Towing — A tow truck will be sent to your location.
  • Emergency Roadside Service — Basic mechanical repair performed at your location to get you back on the road.
  • Essential Fluids Delivery — Includes delivery of gasoline, water, or oil.
  • Flat Tire Assistance — Your flat tire will be repaired or changed with your good spare.
  • Emergency Battery Assistance — Repairs include jump-starting your dead battery.
  • Lockout Service — A locksmith will be dispatched to your location if you are accidentally locked out of your vehicle.

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Debt Protection

Allows your loan payment to be put on hold without penalty.

Debt Protection helps relieve the financial stress and worry related to making payments when your life takes an unexpected turn. Your loan payment will be cancelled without penalty, added interest, or being reported as delinquent to the credit bureau should a covered loss occur.

KEY FEATURES

  • Designed to help you in a time of financial need
  • Protects you from defaulting on your loan by canceling your loan payments for covered events
  • Covered events may include death, disability, and involuntary unemployment
  • Available for any Elements loan with less than a 120-month term, except for mortgages and student loans
  • Single and/or joint coverage is available on protected events (as defined in the Debt Protection Agreement pertaining to your loan type)

MAY BE A GOOD CHOICE IF

  • You want to protect your family's financial security and your credit rating during uncertain and stressful times
  • You want peace of mind about making some or all loan payments should an unforeseen life event occur

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Depreciation Protection (DPW)

An optional Total Loss protection coverage that can be added to your vehicle loan.

Depreciation Protection (DPW) provides protection on your vehicle equity and hedges against depreciation over the life of the loan. In the event of a total loss, DPW provides a waiver benefit equal to the difference between the vehicle value at the time of purchase, less the loan balance at the time of loss up to a minimum waiver benefit of $10,000, or the outstanding loan balance.

BENEFITS OF PROTECTION

  • Protection for collision
  • Life of loan protection
  • No mileage or year restrictions
  • Protection for theft and fire
  • 100% open enrollment
  • Protection for vehicle depreciation

IDEAL FOR THOSE WHO

  • Finance 90% LTV or less
  • Put money down
  • Trade-in a vehicle
  • Make accelerated loan payments
  • Need to protect equity

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  1. 1 GAP may not cover late or skipped payments, prior damage to the vehicle, or any amounts paid directly from the insurance company to the customer.