lexus guaranteed auto protection

  • Guaranteed Auto Protection (GAP)
  • The Lexus Guaranteed Auto Protection Program* provides retail or lease customers with one very significant benefit - peace of mind. This peace of mind comes from knowing that you and your family are protected from the burden of an unexpected financial obligation if your vehicle is declared a total loss.
  • What your auto insurance company may pay
  • You might assume that the physical damage auto insurance you have is insufficient to cover any losses related to your vehicle. However, when a vehicle is declared a total loss, the primary auto insurance settlement is generally based on the market value of the vehicle. This amount may be substantially less than the balance due on the vehicle.
  • How GAP Works
  • Finance or Lease Contract Payoff Amount:$43,000
  • 1Total Auto Insurance Settlement:-$40,000
  • $3,000

  • 2Auto Insurance Deductible:+$1,000
  • 3Total Out-of-Pocket Expense:$4,000
  • 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
  • * GAP is not eligible for Lexus Financial Services lease agreements. Please be sure to review your lease agreement to see if any deficiency balance is automatically waived by the lessor.
  • ** Less any delinquent payments, taxes, and past due charges. See agreements, certificate, or waiver for complete details.
  • *** Available in most states.