Commerce Credit ProtectionSM – Guaranteed Asset Protection “GAP”
Protect your vehicle loan with Commerce Credit ProtectionSM – GAP. We will forgive the remaining unpaid balance of your loan should your vehicle be considered a Total Loss or Unrecovered Theft and the “actual cash value” settlement check from your insurance company is less than your remaining loan balance.*
- Provides protection for the life of your loan
- Covers your personal insurance deductible up to $1000**
- Releases you from the burden of paying off the loan balance still due – on the personal vehicle you no longer have
- Protects personal credit – making it easier to purchase a replacement vehicle
- Available for personal use vehicle loans including Auto, Truck, Boat, Motorcycle, All-Terrain Vehicle, Personal WaterCraft and Recreational Vehicles
- Costs as little as $349 - three convenient payment options
How it works:
|Loan Balance at time of Loss||$21,000|
|Insurance Company Valuation||$15,000|
|Less Borrower’s Deductible||$ 1,000|
|Insurance Settlement Check||-$14,000|
|Amount YOU would still owe bank||$ 7,000|
|With Commerce Credit Protection you would owe||= $ 0|
Ready to enroll?
- Subject to Commerce Credit ProtectionSM – GAP Terms and Conditions.
- Deductible reimbursement benefits subject to the maximum limit set forth in your GAP Terms and Conditions. Deductible reimbursement benefits are only applicable in the event a “GAP Amount” is waived under the Gap Addendum.
- To send an email that contains confidential information, please visit the Secure Message Center where there are additional instructions about whether to use Secure Email or Online Banking messaging.