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Credit Life Insurance
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Credit Disability Insurance
| Guaranteed Auto Protection |
Excess Wear & Use Protection Plan
With GAP, 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
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 GAP coverage in action.
| Finance or lease contract payoff amount | $23,000 | | Minus total auto insurance settlement | -$20,0001 | | | $3,000 | | Plus auto insurance deductible | +$1,0002 | | Total out-of-pocket expense | $4,0003 | | Minus Toyota GAP payment4 | -$4,000 | | Total owed to financial institution to pay off finance or lease contract | $0 |
For illustration purposes only.
For GAP customer service, call 1-800-255-8713. For more information on GAP, just ask your Toyota dealer. To locate the Toyota dealer nearest you, use our dealer locator.
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