Explanation of What Gap Insurance is For Auto Loans

Explanation of What Gap Insurance is For Auto Loans When you go to close on your auto loan one of the optional products that your loan officer may offer to you is GAP insurance. Sometimes called "Guaranteed Asset Protection" or "Debt Cancellation Agreement" GAP insurance can be added to your loan to help offset any future liability in the event of a total loss of your vehicle. Here is a general outline of how it works. 1) WHAT IT IS- Simply put. ...