Adams Toyota

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800-510-3244
Used:
800-510-3244
Parts:
800-498-5116
Service:
800-498-4825
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Adams Toyota offers a way to prepare for the future, even if you can’t predict it. Our two types of credit insurance payment protection pay a benefit to help payoff or reduce your loan so that you can keep your vehicle, if a covered event happens.


Credit Life Insurance
In case of your death while covered by Credit Life insurance, this program pays the covered balance due on your vehicle (within limits).

Your Toyota is an important part of your family's life. If the unthinkable happens and your family is unable to meet your financial obligations upon your death, Credit Life insurance may pay the covered balance due on your finance or lease contract during the insurance term (up to specified limits). Joint coverage is available. If both parties insured under joint coverage die, only one benefit is payable.


 

Guaranteed Auto Protection (GAP)

GAP minimizes - or may eliminate - your financial obligation if your vehicle is declared a total loss before you've made your final payment.

If you're still making payments on your Toyota, GAP can minimize or even eliminate your financial obligation if your vehicle is declared a total loss. A primary auto insurance settlement is generally based on vehicle market value, which could be less than what you still owe on your finance or lease contract.

So who pays the remainder? You do - unless you have Guaranteed Auto Protection.

Adams Toyota’s GAP program is designed to protect you and your family from an unexpected financial burden if your vehicle is declared a total loss from causes such as theft, accident, fire, or flood. GAP will pay the difference (or deficiency) between your vehicle's market value and the balance on your finance or lease contract, including up to $1,000 of your auto insurance deductible (if applicable) in most states.


How GAP Works (for illustrative purposes only):

Finance or lease contract payoff amount

$23,000

Minus total auto insurance settlement

-$20,0001

 

$3,000

Plus auto insurance deductible

+$1,0002

Total out-of-pocket expense

$4,0003

Minus Toyota GAP payment4

-$4,000

Total owed to financial institution to pay off finance or lease contract

$0



The following Toyota vehicles qualify:

  • All new Toyota vehicles
  • Used vehicles that are current year plus nine model years old with less than 100,000 miles.

 
Credit Disability Insurance
If you become disabled while covered by Credit Disability insurance, your covered monthly balance due will be paid on your finance or lease agreement (within limits).

Your finances should be in good standing even if something unfortunate happens to you. If you become disabled while covered by credit disability insurance, Credit Disability insurance may pay the covered monthly balance due on your finance or lease contract during the insurance term (up to specified limits).

To file a disability claim, hospitalization is not required. Coverage includes injuries that occur at work as well as outside of work.

Important Details

  • No physical exam is required to apply. However, as part of the application process, you will be asked to answer some health-related questions.
  • Covered insurance benefits are payable, regardless of other insurance coverage you may have.
  • Credit Disability payment protection is available only at the time you purchase your vehicle.

 This is a general description of credit insurance and not a solicitation. Exclusions and limitations apply. You will receive a certificate of insurance describing the coverage.