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Guaranteed asset protection (GAP)

Safeguard yourself from potential financial burdens in the event that your vehicle is totaled or stolen

Guaranteed Asset Protection (GAP) covers the difference between what you owe and what your car is worth. GAP helps borrowers and lenders avoid financial loss by waiving all or a portion of the deficiency between a borrower’s auto loan payoff amount and the actual cash value of the vehicle in the event it is totaled or stolen. Having GAP protects you against a potential financial burden and safeguard your hard-earned credit.

A few situations to consider GAP coverage:

You financed a car beyond a 60-month term.
Negative equity was rolled into the new loan from a past auto loan.
If your down payment was less than 20 percent.

How GAP Works

GAP Protection is meant to protect you against unexpected losses, typically saving the borrower thousands of dollars in a total loss. GAP waives the difference between your outstanding loan or lease balance and the actual cash value of your vehicle on the date of loss.

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Pro Tip:

• You can lose up to 25% of your vehicle’s value in the first year.

• Domestic vehicles often depreciate at faster levels than imports.

OUT-OF-POCKET LOSS

Without GAP protection, you may have to keep paying for a vehicle you can no longer drive. It can be very difficult to get a new auto loan with an existing, unsettled auto loan balance still on your credit file. This unpaid balance is typically thousands of dollars for the average consumer.

Millions of vehicles are totaled each year by collision, theft, and natural disasters. Customers are often surprised to learn that their auto insurance settlement is thousands of dollars less than what they owe on their auto loan or lease. Loan term longer than 4 years or that included less than a 20% down payment are at even greater risk.

Our members saved $114 monthly on average

Whether you want to lower your payment or pay less interest, Gravity Lending can help you explore your saving possibilities

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Time to experience the adventure in savings you deserve

Our Gravity Lending Members saved an average total of $2,608

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Gravity Lending is here to guide you to the lowest rates and payments possible

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WHAT OUR MEMBERS ARE SAYING

*Rate listed is stated as APR: APR is the Annual Percentage Rate. The APR you qualify for may differ based on a number of factors including your credit profile, the year model of the vehicle, your debt ratio, the loan length, and the loan to vehicle value ratio.
*Advertised 1.99% APR based on a representative example of refinancing a 2018 or newer vehicle with a FICO score of 750 for a term of 36 months.
**Monthly Savings: Average monthly payment savings shown was calculated from all funded applications between Jan 1, 2020, July 9, 2020, where our clients accepted a lower payment. Payment is a calculation of the approved interest rate, selected term, and amount financed. Your actual savings may differ, more or less and you can typically customize many aspects of your loan to find the savings you want.
**Total Savings: Average monthly payment savings shown was calculated from all funded applications between Jan 1, 2020, July 9, 2020, where our clients paid less over the life of the loan. Your total savings can be more or less depending on a combination of the rate approved, the term selected, and the total amount financed.

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Pro Tip:

WHAT OUR MEMBERS ARE SAYING