If your Ford car, truck, or sport utility vehicle (SUV) is unfortunately stolen or severely damaged and deemed a total loss, do you have the proper plan in place for how these situations affect your finances? Many do not, which is why Greenway Ford provides a suitable solution at the time you sign your retail installment sales contract or lease agreement.
As the prominent dealer of new and Certified Pre-Owned Ford models in the Orlando FL area, Greenway Ford has built a reputation for not only matching prospective buyers with the perfect vehicle but also keeping their financial situation (currently and down the road) in mind. This involves offering affordable prices and the option of Guaranteed Asset Protection (GAP).
With such an important matter at stake, please join us as we delve deeper into the details of GAP insurance and the ways it can help protect your investment in a brand-new or used Ford automobile. By the end you will have a much better understanding of the reasons to purchase this additional form of protection after you select the car, truck, or SUV that fits your needs and budget at Greenway Ford.
It is impossible to predict when something awful might happen while you are behind the wheel of your Ford or it is parked somewhere out in the open. Vehicles start to go down in value the second they leave the dealership. As a result, you may owe thousands to the lender after your insurance provider covers the specified amount for a totaled car. Could you comfortably shell out the remaining balance?
GAP insurance is the answer to safeguarding your bank account against unforeseen automobile damage that leaves your Ford beyond repair. It helps cover the difference between the amount still owed on your lease or loan and what your insurance company will pay you for the claim. As a reminder, the sum your policy disburses is determined by the vehicle’s current cash value. With GAP, you can avoid continuing to make payments on a car that is no longer in your possession due to the following circumstances:
In other words, you will never have to be on the hook again in the face of a worst-case automotive scenario. While the Greenway Ford team sincerely hopes that this is something you never have to face down, it does not hurt to have all your bases covered as you take to the streets of Orlando.
Signing a loan for your new or pre-owned Ford is undoubtedly a big financial undertaking for most customers in Orlando, but have you considered the extra expenses that you may incur if your vehicle is totaled in a crash or irrecoverable after being stolen? Auto insurance companies usually only give you the market value of what your automobile is currently worth, minus the deductible (up to $1,000). In some cases, the total left to pay on your loan or lease is more than the vehicle’s determined value, leaving you with a hefty bill to cover out of pocket.
The cause for this possibly large difference is based on monthly payments decreasing the remaining balance at an expected rate. Market value is also affected by multiple fluctuating factors, including number of miles, degree of demand, and quantity of model. Therefore, the worth is frequently less compared to how much you owe, especially during the early stages of your contract. In combination with active physical damage insurance, GAP coverage steps in to take care of the outstanding costs and keep your budget manageable.
Now that your knowledge of GAP has been established, visit the automotive professionals at Greenway Ford in Orlando FL to further discuss the importance of backing your new or pre-owned Ford with supplementary protection. For immediate answers to your questions, give us a call at (888) 984-4895. We are here to assist you in any way throughout the car buying process and look forward to seeing you in person.