How VehicleOne Primary GAP Works
Let’s say your vehicle is totaled in an accident. You still owe $25,000 on your loan, but your insurance only pays you the current value less your deductible, which comes to $20,000.
|Here’s an example:|
|What you owe:||$25,000|
|Actual cash value of vehicle:||$21,000|
|Less your insurance deductible:||$1,000|
|Insurance company pays you:||$20,000|
|This leaves you with an outstanding debt of $5,000|
In the example, the $5000 amount would be waived by your VehicleOne Primary GAP Contract and you’d have no further obligation on the debt.
This VehicleOne Primary GAP payment example is for illustration only.