Guaranteed Asset Protection (GAP)

Through a strategic alliance with OwnerGUARD^®, Wells Fargo Dealer Services offers Guaranteed Asset Protection (GAP) — a product for the dealer and consumer that provides protection in the event of a total loss of collateral due to collision or theft. The program offers the following benefits:

• Web-based environment. An Internet solution, MyGAPOnline, is available at no charge and allows all sales, printing and reporting transaction elements to be performed from your desktop in a secure environment. All reporting and account edits are transmitted online. OwnerGUARD^® can also proceed on a manual basis if requested.
• All-risk protection. Protects against financial loss in the event the vehicle is declared a total loss due to theft, collision, fire or any insured peril. The Program pays the difference between the outstanding loan balance as of the date of loss and the primary insurance settlement (some restrictions apply).
• Program has no MSRP or ACV restrictions. There are no restrictions when lending or leasing guidelines have been filed with and approved by the Program Administrator (autos, vans and light trucks).
• Available for new and used vehicles. There are no model or year limitations.
• Available for motor vehicles (personal and commercial utilization). Applies to autos, vans and light trucks less than 15,000 GVW.
• Protection for the term of the loan or lease. Length of coverage on loans/leases is up to an eighty-four (84) month maximum term.
• Benefits are paid up to $50,000. The amount paid on any one claim shall not exceed $50,000* in total.
• Coverage for vehicles valued up to $100,000. The maximum vehicle value is $100,000*, depending on vehicle eligibility guidelines at financial agreement inception.
• Deductibles covered. Consumer deductibles up to $1,000* are automatically reimbursed in the coverage/benefit payment.
• Limited exclusions. Limited exclusions apply to salvaged vehicles, taxicabs and rare, exotic, unusual, limited production, one-of-a-kind, kit, customized or vehicles over 15,000 GVW. Standard conversion vans are covered.
• Commercial utilization.* A commercial utilization surcharge is required for motor vehicles.
• Protection for past due payments.* Coverage is provided for payments that are less than thirty (30) days past due at time of loss, standard loan/lease.
• Protection fully insured. Credit seller is insured by and program costs are paid to an A.M. Best-rated insurance company. There are no reserves or stop loss coverages.
• Cancellation provisions.* Standard cancellation provisions include fully cancelable within thirty (30) days and thereafter cancelable based on a predetermined formula with a processing fee.
• Simplified, single-rate structure.*

*Except as limited by program or state provisions

For more information about selling GAP at your dealership, contact your local Business Development Representative. To find a Wells Fargo Dealer Services Regional Business Center in your area, use our office locator or call Customer Service at 888-937-9997, Monday through Friday, from 5 a.m. to 5 p.m. PT.