Extended Warranty and GAP Waivers

Extended Warranty and GAP Waivers

Mechanical Breakdown Insurance (MBI)

Ever notice how your vehicle needs costly repairs after the factory warranty has expired? Well, it doesn’t have to be that way.

MBI is a broad insurance coverage that ensures that your vehicle is protected against costly out-of-pocket expenses that arise from mechanical and electrical repairs. While the manufacturer’s warranty protects you for a limited time, MBI protects you long after the manufacturer’s warranty has expired, at a fraction of what the dealer would charge for the same protection. Whether your vehicle is new or used, mechanical breakdown protection ensures that tomorrow’s repairs will be covered today.

To purchase MBI or to learn more, please contact our Consumer Loan Department at 626.444.1972, Ext. 452.

Additional Benefits of MBI:

  • Nationwide protection
  • One deductible per visit
  • Towing
  • Rental reimbursement
  • Tire protection
  • Travel and lodging reimbursement
  • Roadside assistance

Guaranteed Auto Protection (GAP)

You found the car of your dreams, you got the insurance you were required to get and then WHAM! You’re in an accident or your car is stolen BUT you’re covered, right? Not necessarily. Insurance companies often will pay only the book value of the vehicle, not what you owe on it. For example:

Loan Balance$18,992.41
Insurance Check$-15,320.00
You Still Owe$3,672.41
But with GAP
GAP check$-3,672.41
You Now Owe$0.00

GAP allows you to buy a new car immediately; there’s no need to pay off your old (totaled or stolen) car first.

To purchase GAP or to learn more, call our Consumer Lending Department at 626.444.1972, Ext. 452.

Guaranteed Auto Protection is not vehicle insurance. It is a reimbursement program provided by GAP Ltd. that protects you in the event of loss. In cases of early termination of the finance/lease agreement, the customer shall not be entitled to any GAP payment, refund or GAP claim protection.