A sharp decline in value immediately following purchase, it is usually between
which the amount of car debt exceeds the value of the car, which is called up
down "or negative equity. Thus, if the vehicle is damaged beyond repair at this point the economic,
owner is still obliged to potentially thousands of dollars on the loan. Price escalation
cars, long-term car loans as well as the growing popularity of leasing gave birth to GAP
protection. GAP failure to protect consumers when the "gap" between actual
value of their vehicle and the amount owed to the bank or leasing company. In many
cases, this insurance will also pay a franchise in the primary insurance policy.

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