What is GAP Insurance?

  • A type of insurance that helps you pay the remainder of your auto loan if you find yourself facing a total loss due to a theft or an accident.

Why the Velde Finance Department is Pekin’s Auto Loan Headquarters:

  • Fantastic Customer Service: The way we treat our customers is unparalleled – we genuinely care for you and your vehicle.
  • Great Finance Connections: Our close relationships with financial institutions guarantee you a new or used car loan – no matter your credit!
  • Comfortable Atmosphere: Financing a vehicle can be stressful. With our friendly and enjoyable atmosphere, we make you feel at ease.
  • We’re Here For You: If you have any questions or concerns, our financial experts are always available to help you.

uto GAP Insurance: What is it?

If you’re new to the world of GAP Insurance, all you need to know is that it is an optional insurance coverage that will protect you if you find yourself facing a total loss due to an accident or theft.

When a total loss occurs, the loan for the totaled car doesn’t go away. Although your insurance may cover a large portion of your auto loan, most of the time there is still a hefty sum left to be paid.

Gap insurance

GAP Insurance pays this sum, which is essentially the difference between the actual cash value of the vehicle and the current outstanding balance on your loan or lease.

Without GAP Insurance, you may find yourself paying the gap between what you’ve paid and what you owe. Oftentimes this is a substantial amount that can be hard to pay.

If you decide that GAP Insurance is right for you, you will be asked to pay a small premium. However, this small sum is nothing compared to what you could owe in the event of a total loss.

The experts at Velde Ford know that the exact details of your insurance options can be difficult to understand. That’s why we are at your disposal! We always want our customers to be informed and comfortable at our dealership, which is why if you have any questions about buying or leasing, we encourage you to contact us. We genuinely care for you and your vehicle and your complete satisfaction is our end goal.

Let our team help you today, and together we can make a generally overwhelming process into an easy task.

Our Finance Department can be reached by calling (888) 221-2804.