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3 minutes

Do you have a GAP in your Auto Loan?

It's a known fact that a vehicle loses around 20% of its value during the first year you own it. During this same one-year period the loan you got to purchase the vehicle does not always decrease at this same 20% rate.
person with arms up out of car
This means that as your vehicle depreciates in value, you can find yourself in real trouble if it is totaled in a wreck or stolen. Why? Because your insurance payout after an accident or theft may not be enough money to cover what you still owe on your loan.

There is a simple solution and it's called GAP (Guaranteed Asset Protection) coverage. With GAP you have added protection that covers the "gap" between what your insurance company pays you for your totaled or stolen vehicle and what you own on your loan. Example: You're in an accident that totals your car which had an actual cash value of $25,000 before the wreck/theft. You get a check for $25,00 from your insurance company. However, the balance of the loan you took out to originally buy this vehicle is still at $29,000. GAP covers this $4,000 difference.

More good news! WyHy offers GAP protection at a cost much less than what you would pay at the dealership. Additionally, WyHy's GAP Advantage and ADR (Auto Deductible Reimbursement) comes standard on every GAP policy! GAP Advantage pays you $1,000 towards you next car if you finance it at WyHy, while ADR will reimburse your insurance deductible in the event of a covered loss.

It's not too late to get GAP on your vehicle even if you purchased it months or even years ago. Simply contact any WyHy Member Service Advisor (MSA) by phone, email or in a branch. Our MSAs are trained to help you determine if GAP is something you will benefit from. And they'll treat you like you own the place - because you do!

As always, We're with you.