Upgrade Auto Surpasses $1 Billion in Total Originations, Launches GAP Coverage and Vehicle Service Contracts

We’re proud to announce that Upgrade has surpassed $1 billion in total indirect auto originations since inception in September 2023, marking a major milestone in our journey to help consumers access affordable and responsible credit.

This growth — driven by our rapidly expanding network of 1,600+ dealer partners — reflects the strength of our platform, the trust of our partners, and the clear demand for a consistent, accessible alternative to traditional auto financing.

As we celebrate this $1 billion milestone, we’re also excited to share the launch of two new offerings that further Upgrade’s commitment to protecting our customers' financial health: Guaranteed Asset Protection (GAP) coverage and Vehicle Service Contracts (VSC).

GAP Coverage: Protecting Against the Unexpected

Guaranteed Asset Protection (GAP) bridges the “gap” between a vehicle’s depreciated value and the remaining balance on a customer’s auto loan, lease, or retail installment sales contract in the event of theft or total loss. While traditional insurance covers only market value, Upgrade GAP helps ensure customers aren't left owing thousands more.

Key Features:

• Available for new or used vehicles
• Covers loans, leases, and retail installment sales contracts
• Up to $50,000 in waived GAP amount
• Up to $1,000 in deductible reimbursement
• Maximum 84-month term
• No vehicle purchase price limit

Vehicle Service Contracts: Confidence on the Road

VSC provides essential protection against costly repairs for key components such as the engine, transmission, alternator, and brake system. Coverage levels vary by customer choice and also include roadside assistance, rental reimbursement, and trip interruption coverage.

With nearly 6 million vehicles totaled or stolen annually and rising costs due to tariffs on foreign parts, GAP and VSC represent critical financial safeguards for our customers.

This milestone and the introduction of GAP and VSC represent our next step in building a comprehensive Upgrade Auto platform. Our goal is to offer not just credit, but comprehensive support — providing peace of mind and financial protection long after our customers drive off the lot.

As Upgrade Auto continues to grow, we will keep innovating on behalf of our customers and dealer partners.

Learn more about our auto program: Upgrade Auto Financing

About Upgrade

Upgrade, Inc. offers affordable and responsible credit, mobile banking and payment products to mainstream consumers. Upgrade has delivered over $39 billion in affordable and responsible credit to over 6.5 million customers since inception in 2017. The company's headquarters are in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Atlanta, Georgia, and Irvine, California. Upgrade is a financial technology company, not a bank. More information is available at: www.upgrade.com.

About GAP and VSC Administrator

Administration services for Upgrade GAP is provided by Financial Gap Administrator LLC and Administration and Obligor services for Upgrade VSC is provided by Vehicle Service Administrator, LLC, 11662 Gravois Road, #22439, St. Louis, MO 63126. Financial Gap Administrator LLC and Vehicle Service Administrator, LLC are part of the Wise F&I LLC family of companies.