guaranteed auto protection

  • 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.
  • Take a look at the chart here for an idea of GAP coverage in action.
  • 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.
  • How GAP Works
  • Finance or Lease Contract Payoff Amount:$23,000
  • 1Total Auto Insurance Settlement:-$20,0001
  • $3,000

  • 2Auto Insurance Deductible:+$1,0002
  • 3Total Out-of-Pocket Expense:$4,0003
  • GAP Payment**:-$4,000
  • Total Owed to Financial Institution:$0
  • 1Auto Insurance Settlement
    before deductible is applied.
  • 2Including your deductible
    GAP also pays up to $1,000, or up to $500 in some states, of your insurance deductible.***
  • 3Deficiency Balance
    If a total loss occurs without GAP, you are generally responsible for this amount to pay off your retail or lease contract
  • 1 Type and availability of GAP vary by state. GAP may not be available on finance and lease contracts in some states.
  • 2 Total auto insurance settlement before deductible is applied.
  • 3 GAP includes up to $1,000 of your auto insurance deductible (if applicable) in most states.
  • 4 Deficiency balance at time of total loss.
  • 5 Less any delinquent payments, taxes, and past-due charges. See agreement, certificate, or waiver or complete details. Some restrictions may apply.