Don’t get caught upside-down on your car loan in the event of vehicle loss
If you think your new vehicle is fully insured when you drive off the lot, think again. The natural depreciation cycle of a new vehicle means that for the first few years of ownership (sometimes for longer than half the term of your loan, in fact), you owe more on your financing than what the vehicle is worth. They call this being “upside-down” in the loan business, and it’s a common phenomenon in financing, of both vehicle loans and home mortgages.
So let’s say you finance an $18,000 car with full insurance coverage, and six months down the road, someone T-bones your new ride and totals it. Chances are the insurance payout won’t cover the full amount you still owe on your loan. So who covers the gap? You do. Unless…
Bill Currie Ford in Tampa, FL, is proud to offer GAPAdvantage through Ford Credit. GAPAdvantage covers that gap, preventing you from owing money on a vehicle you no longer own because of loss. GAPAdvantage also provides you with $1,000 toward the cost of a replacement vehicle from your dealer, as well as covers your standard insurance deductible up to $1,000.
Essentially, GAPAdvantage is supplementary insurance coverage for your vehicle designed to protect you from blind spots in your standard coverage. You can purchase GAPAdvantage for new and used vehicles (up to 10 years old), for terms of 24 to 84 months and amounts up to $125,000, but ONLY at the time of your vehicle purchase.
GAPAdvantage is fully refundable for up to 60 days should you change your mind, but we strongly encourage our customers in the Tampa-St. Petersburg area to consider this vital coverage at the time of purchase. Don’t get caught upside-down if your vehicle gets totaled or stolen. Ask your Bill Currie Ford salesperson today about the advantages of GAPAdvantage.