To learn more about the extensive program of Toyota Financial Services and your participating Toyota dealer, please visit us at toyotafinancial.com. You can assume that your car insurance is sufficient to cover losses related to your vehicle. However, when a vehicle is declared a total damage, the auto insurance solution is generally based on the market value of the vehicle, which can be significantly less than the remaining balance due to your vehicle financing or lease agreement.3 This difference is called a defective balance for which the owner is generally responsible. 3. See your car insurance for real insurance coverage in case of total loss. Guaranteed Auto Protection (GAP) waives or pays the balance (deducted from certain fees and fees) between the remaining amount due from your financing or leasing contract and your insurance contract.1 When an FCU acts as an automatic insurer, the FCU actually offers insurance coverage for affiliated loans by taking care of the risk of payment of each loan. Self-insurance is not an activity that is attached to an explicit FCU power. However, a FCU may, under its subsidiary powers, enter into deleveraging contracts or CAP waiver declarations, provided that it acquires an insurance policy covering the full risk of loss. Your current car insurance may not be sufficient if your vehicle is declared total damage.
Often, the calculation of auto insurance is based on the market value of the vehicle, which could be less than the remaining balance owed to your financing or leasing contract. GAP insurance may be available when you buy a vehicle. GAP insurance covers the difference (or difference) between the amount you owe your car loan and what your insurance pays if your vehicle is stolen, damaged or added up. 2. Available in most countries if acquired and disclosed separately in the financing/leasing contract. For more information, please see the agreement, certificate or waiver. The nature and availability of the CAP varies from member to member states. In some countries, the CAP may not be available for financing and leasing contracts. Please discuss with your dealer and refer to your agreement at the time of purchase. Check your car insurance for real insurance coverage in case of total damage. The CAP generally waives or pays the loss balance (deducted from certain fees and fees) between the amount owed on your financing or lease contract and your car insurance at the time of the total loss.
Available in most countries if the CAP is acquired and disclosed separately in the leasing agreement. For more information, please see the agreement, certificate or waiver. This brochure is designed as an overview of Toyota Financial Services` self-warranty protection program. For clarifications, exclusions and restrictions, please consult your agreement, certificate or waiver. The AVP has a large number of customers across the country with debt cancellation agreements. With this experience, we can help you decide if debt cancellation works for you. Contact us and we will provide you with the pro-Forma and the necessary information so that you can decide whether the debt cancellation contracts work for you. Is debt cancellation the answer to all vehicles? No, debt cancellation waives the customer`s debts in the event of total loss or theft and does not cover partial losses such as plinths. Debt relief agreements may not be the right product for long-term financed vehicles with higher real values.
States require liability insurance for vehicles. Debt cancellation is not insurance. Customers must purchase liability insurance from an insurance company on the vehicle. Liability insurance is affordable. Our CAP coverage covers up to $1,000 of your auto insurance (if applicable and authorized by law).3 Data from the sample claim are used only as an indication.