Guaranteed Auto Protection (GAP)
With GAP (Guaranteed Auto Protection), there's no such thing as a total loss
Think for a moment how typical auto insurance works: if you have an incident where your car is declared totaled due to theft, accident, fire, or flood, they usually pay the market value for the vehicle. If you still owe more than that on your finance or lease contract, you're stuck paying-unless you choose Guaranteed Auto Protection (GAP) from Toyota Financial Services, a product that can lessen or even eliminate your remaining balance.1
Get a grip on GAP (Guaranteed Auto Protection)
Here's how GAP works: In the event of a total vehicle loss, GAP covers you once insurance has paid its share, paying the difference (or deficiency) between your Toyota's insurance payment (usually market value) and the balance on your finance or lease contract. GAP will also pay up to $1,000 of your auto insurance deductible (if applicable) in most states.
As with most of our other payment protection and credit insurance plans, GAP is only available at the time you purchase or lease your new or used Toyota.
Take a look at the chart here for an idea of Guaranteed Auto Protection (GAP) coverage in action.
|Finance or lease contract payoff amount||$23,000|
|Minus total auto insurance settlement||-$20,000 1|
|Plus auto insurance deductible||+$1,000 2|
|Total out-of-pocket expense||$4,000 3|
|Minus Toyota GAP payment 4|| -$4,000 |
|Total owed to financial institution to pay off finance or lease contract||$0|
Chart For illustration purposes only.
For more information on Guaranteed Auto Protection (GAP), just ask Passport Toyota.
1 Type and availability of GAP vary by state. GAP may not be available on finance and lease contracts in some states.
2 Total auto insurance settlement before deductible is applied.
3 GAP includes up to $1,000 of your auto insurance deductible (if applicable) in most states.
4 Deficiency balance at time of total loss.
5 Less any delinquent payments, taxes, and past-due charges. See agreement, certificate, or waiver for complete details. Some restrictions may apply.
Toyota Financial Services is a service mark of Toyota Motor Insurance Services, Inc.