Toyota Guaranteed Auto Protection Program
The Toyota Guaranteed Auto
Protection (GAP) Program provides retail or lease customers with one very
significant benefit - peace of mind. This peace of mind comes from knowing that
you and your family are protected from the burden of an unexpected financial
obligation if your vehicle is declared a total loss.
What Your Auto Insurance Company May
Pay
You might
assume that the physical damage auto insurance you have is sufficient to cover
any losses related to your vehicle. However, when a vehicle is declared a total
loss, the primary auto insurance settlement is generally based on the market
value of the vehicle. This amount may be substantially less than the balance
due on the vehicle.
Filling the Gap
GAP pays the difference between the
balance on your retail or lease contract and your vehicle?s market value.*
Without GAP, you are generally responsible to pay this amount. With GAP, the
deficiency balance is paid, including your auto insurance deductible in most
states.
How GAP
Works
- Retail or Lease Contract
Payoff
- Auto Insurance Settlement
- Auto
Insurance Deductible
- Total Out-of-Pocket Expense
- Toyota GAP Payment*
- Total Owed to
Finance Company to Pay Off Retail or Lease
Contract
- $23,000
- -$20,000
- $3,000
- +$1,000
- $4,000
- -$4,000
- Auto
Insurance Settlement
Auto Insurance Settlement before deductible is applied.
- Including
Your Deductible
GAP also pays up to $1,000 of your auto insurance deductible.**
- Deficiency
Balance
If a total loss occurs without GAP, you are generally responsible for this amount to pay off your retail or lease contract.
Ask
Us Now!
Ask us about GAP now because it's only available at
the time you purchase or lease an eligible new or used vehicle. For your convenience, the cost of GAP can be added to your retail or lease contract so
it is included as a portion of your monthly payments, subject to credit
approval.
- * Less any delinquent payments,
taxes, and past due charges. See agreement, certificate, or waiver for complete
details. Some restrictions apply.
- ** Available in most
states.