Is GAP Coverage Something You Should Consider?

As a vehicle owner, you may wonder whether you should consider GAP coverage, especially if you have a loan or lease on your vehicle. This is an important decision to make, as it can potentially save you from significant financial loss in the event of a total loss of your vehicle.

Below, we will explore what GAP coverage is, how it works and whether it is something you should consider. We will also discuss some important factors to consider when deciding whether to purchase GAP coverage, such as the value of your vehicle, your loan or lease terms and your own financial situation.

What Is GAP Coverage?

Simply put, Guaranteed Asset Protection (GAP) is an optional coverage that will cover or close the “gap” between what your insurance will pay and the amount you owe in the event your vehicle is totaled or stolen.

The last thing you would want to do after one of these unfortunate events is to have to pay out of pocket for the damage. Although we hope this never happens to you, GAP coverage reduces your financial risk in either of these events.

One main reason we encourage vehicle owners to add Guaranteed Asset Protection is due to the fact that the second you leave the lot, the value of your car decreases. This means that the amount you paid for your car is more than its resale value.

Do I Need Gap Coverage?

Whether you need gap coverage depends on several factors, including your vehicle’s value, your loan and lease terms and your financial situation.

If you have a new vehicle or vehicle worth significantly more than what you owe on it, gap coverage may be a good idea. If your car is stolen or totaled, your insurance company will only pay the vehicle’s actual cash value vehicle at the time of the loss, which may be less than what you owe on the loan or lease.

If you owe more on the vehicle than its cash value, you pay the difference out of pocket, which can be a significant financial burden. Gap coverage can help protect you from financial loss by covering the gap between what you owe and the vehicle’s cash value.

If you have a used vehicle or a vehicle worth less than what you owe on it, gap coverage may not be necessary. In this case, the vehicle’s cash value may be more than what you owe on the loan or lease, so there would be no gap to cover.

Ultimately, whether you need gap coverage depends on your individual circumstances. It’s important to consider your vehicle’s value, the terms of your loan or lease and your financial situation. It’s always a good idea to speak with an insurance professional or financial advisor for guidance.

How Does GAP Insurance Work?

Consider this example: You are driving to work along your normal route when another driver runs a red light and T-bones you. Your car is completely totaled and you were already upside-down on your car loan. Do you want to deal with the financial impact on top of your already frustrated emotions? How do you plan on paying for this?

These are the questions you should be considering when looking into GAP. There is, of course, the possibility that nothing ever happens to your car and you didn’t use the GAP coverage you paid for. But is that a risk you want to take?

How Do I Know What Company to Choose?

When you purchase a vehicle from a dealership, they are going to ask you if you would like GAP coverage. You can also look into coverage with your insurance provider.

Another option, which is where we come in, is to go through a third-party provider. Here at RefiJet, we work with industry-leading providers of GAP coverage. Due to this, we can negotiate a great rate for you. The cost could be lower than what you might be able to get through a dealership or individual lenders.

Can I Add GAP Coverage Later On?

Yes, you can! If you have been making multiple payments on your loan and have a decent credit score, refinancing may be a great option for you!

In the event that you decide to refinance your auto loan, you could decrease your loan payment or overall APR and add GAP insurance to your new loan. GAP will only add a few more dollars to your monthly payment. If you already have GAP coverage, we can help you cancel it. By law, your current GAP contract will not transfer to your new loan. However, you might be entitled to a pro-rated refund.

Get GAP Coverage Today

GAP overage can provide several benefits to vehicle owners who owe more on their loan or lease than the actual value of their vehicle.

Here are some of the potential benefits of getting GAP coverage:

  • Protects against financial loss: GAP coverage can help protect you from financial loss in the event of a total loss of your vehicle, such as theft or a serious accident.
  • May be required: If you lease a vehicle, the leasing company may require GAP coverage as part of your lease agreement.
  • Provides peace of mind: Having GAP coverage can give you peace of mind knowing you’re protected from financial loss in the event of a total loss of your vehicle.

Contact us at RefiJet to learn more about how you can get GAP coverage.


Important Disclosures and Requirements

Federal ESIGN Disclosure and Consent 

 Electronic Consent:  Consent to Receive Information Electronically 

The Electronic Signatures in Global and National Commerce Act requires users of this Site who submit a Contact Form (“you” or “your”) consent to receive certain disclosures electronically. Please read this disclosure and consent carefully and retain a copy of this document for your records. 


Some communications with and disclosures by Yield Solutions Group, LLC dba (“” or “us” or “we”) on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. In order to access, receive and retain required notices and your documents, including, any notices and disclosures required by state or federal law, such as our Privacy Noticeloan documents and disclosures that we provide to you on behalf of any Lenderand any other transaction notices and information from us (collectively, “Documents”) electronically, you must satisfy the minimum system requirements outlined below. However, if you wish to obtain a paper copy of any Documents that RefiJet provides you in connection with your credit inquiry and any subsequent application to our Lenders, you may contact Yield Solutions Group, LLC (dba in writing at 5775 DTC Blvd Suite 400, Greenwood Village, CO 80111 or by email at We currently do not charge a fee to send you a paper copy of any electronic Document, but reserve our ability to do so. Be sure to state which of the Documents you are requesting. reserves the right, in its sole discretion, to stop providing Documents electronically. RefiJet may also send Documents to you in paper form because we are legally required to do so or because we determine in our sole discretion that you should receive the Documents in paper rather than electronic form. will provide you with notice of any such termination as required by applicable law. If chooses to stop providing Documents electronically, will send any future Documents to you in paper form. Certain disclosures, however, will be made to you verbally if permitted by applicable law (the “Verbal Disclosures”).   


You must consent to receive Documents electronically in order to complete the credit inquiry process with and any subsequent loan process with one of our participating Lenders. Your consent will apply to Documents as defined above. You may withdraw your consent for receiving electronic Documents by notifying us in any of the ways described above. Since is structured to process all or part of your credit inquiry and any subsequent loan  electronically, not consenting, or withdrawing your consent to receive electronic Documents may result in the termination of the credit inquiry and/or loan process. Your withdrawal of this consent is effective only after we have had a reasonable period of time to act upon your withdrawal. Even if you consent, note that the Verbal Disclosures will be made to you telephonically. 

If you wish to withdraw your consent to do business electronically with our participating Lenders, you may do so at no cost to you by contacting the Lender at the mailing address, email address or telephone number they provide to you separately for such purpose.  


In order to use this service, you must consent to receive Documents electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.  


In order to receive, access and retain electronic Documents, you will need the following hardware and software: 

  • a computer, mobile device, tablet or similar device with an internet connection; 
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  • an installed printer or sufficient storage space to save, store, print or otherwise retain electronic Documents. 

 These disclosures and the Documents are both provided to you in PDF; therefore, your access to this page from your own system/device verifies that your system/device has the necessary software to permit you to receive and access PDF files. 

If the system requirements for accessing the copy of your Documents on the secure webpage change so as to require different or additional hardware or software, or upgrades, plug-ins or enhancements to the hardware or software used by you (all such changes referred to as a “Systems Enhancement”), we will notify you and you may either withdraw your consent or upgrade your hardware and/or software as required by the Systems Enhancement.  

This consent is valid until revoked by either party. 

It is important that you keep your email address current with us.  Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.  We may treat your failure to provide us with a valid email address, or the malfunction of the email address we have for you, as a withdrawal of your consent to receive Documents electronically. 

System Requirements to Retain Information 

If you have a valid email address, a copy of the loan Documents will be provided to you upon execution in the form of an email link to a secure portal that will contaithe PDF loan documentsYou will log into the secure portal using your access credentials. The PDF document will be available to you in the secure portal for thirty (30) days. To retain a copy of the Documents, you may choose to print them, save them or both. In order to print them, you must have a functioning printer connected to your personal computing device.  If you wish to retain an electronic version of the Documents, you must have a personal computing device with the hardware and software necessary to download and store PDF files. 

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  • acknowledge your receipt and review of the foregoing Federal ESIGN Disclosure and Consent; 
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If you do not click to accept you are not consenting to our providing electronic Documents to you as described above, and you are terminating your transaction with us