Guaranteed Asset Protection Coverage

When shopping for a vehicle, consider purchasing GAP coverage. GAP, or Guaranteed Asset Protection, coverage is a supplement to your primary insurance. Here’s how it works:

 

When you purchase a vehicle, the value typically depreciates faster than your loan balance is reduced. If your vehicle is damaged beyond repair (totaled) or your vehicle is stolen, your insurance company will only pay the actual value of your vehicle at the time of damage/theft. So, the settlement you receive from your insurance company may not pay off the balance of your loan. Thus, you are left with an unpaid balance still owed to your lender. With GAP, the covered deficiency balance is waived.

Purchasing a vehicle is a major investment. That’s why we offer Mechanical Breakdown Protection (MBP) to help protect that investment. Once your vehicle’s factory warranty is up, you could be stuck paying for costly repairs. Mechanical Breakdown Protection coverage may eliminate your out of pocket expenses.

Woodstone offers GAP and MBP coverage at a significant savings over the cost of the coverage sold at dealerships. Ask a loan representative for more details and get your free quote today by calling 253.925.6800 or 800.334.9828.