If your vehicle is stolen or damaged beyond repair, your auto insurance alone may not pay everything you owe. Insurance typically pays the vehicle's actual cash value rather than the amount remaining on your loan or lease, which could leave a financial "gap" of thousands of dollars. In addition, if your down payment was less than 20%, you may owe more than your car is worth.

Example: Your insurance company appraises your vehicle at $10,000 and you owe your lender $15,000; you have a gap payment of $5,000. You owe more than your vehicle is worth.
  • Helps maintain good credit
  • Covers negative equity
  • Insurance deductible up to $1000 may be included if the amount you owe on the vehicle exceeds your settlement payment 
  • GAP is provided for the term of your loan
If you're considering the purchase of a BMW pre-owned vehicle from Patrick BMW and would like to learn more about the possibility of adding Gap Insurance Protection to your new loan, let a member of our finance team help you make the best decision.  Simply call us or fill out the below and one of our team members will be in touch soon. 

Gap Protection Inquiry


Patrick BMW

700 E Golf Road
Directions Schaumburg, IL 60173

  • Sales: 847-230-8200
  • Service: (847)230-8201
  • Parts: (847)230-8202

Sales Hours

  • Monday 9:00AM - 9:00PM
  • Tuesday 9:00AM - 9:00PM
  • Wednesday 9:00AM - 9:00PM
  • Thursday 9:00AM - 9:00PM
  • Friday 9:00AM - 9:00PM
  • Saturday 9:00AM - 6:00PM
  • Sunday Closed