CHERRY HILL, N.J. — Subaru and Subaru Motors Finance recently announced the launch of a new GAP product for franchised dealers.

Subaru Equity Shield is a product designed to protect Subaru customers against unforeseen losses. It is distributed through Subaru Motors Finance and sold exclusively on Subaru vehicles through participating franchised dealers.

Marc Sheinbaum, chief executive officer of Chase Auto Finance, which is Subaru's captive finance company, reported, "We're pleased to continue to expand our relationship with Subaru of America by offering additional products for dealers.

"Both dealers and customers will benefit from the added value and security Subaru Equity Shield provides," he added.

The GAP product is available for both new and used Subaru vehicles, excluding leases. It offers customers:

—Payment of all or most of the difference between the outstanding loan balance and the amount the primary insurance company will pay in the event of a total loss on the vehicle.

—Coverage of negative equity if rolled over from a prior loan, within the vehicle manufacturer's suggested retail price limits.

—Coverage of the primary insurance deductible, up to $1,000.

—An additional $1,000 credit for a replacement Subaru bought from the dealer that sold the original Subaru vehicle (not available in all states).

"The Subaru Equity Shield enables us to offer a valuable and convenient service to our customers," said Tom Doll, executive vice president of Subaru. "We work hard to protect our customers on the road, and if we can also help them protect their investment then that is even better."