Guaranteed Asset Protection (GAP)
Guaranteed Asset Protection (GAP) could save you thousands of dollars.
There could be a big difference between what your insurance will pay and what you owe on a loan in the event your vehicle is lost, stolen or accidentally damaged beyond repair. Who is responsible to pay the difference, or the “gap,” between your insurer’s settlement and your loan balance? YOU ARE!
Member’s Choice™ Guaranteed Asset Protection (GAP) could save you thousands of dollars. It is low cost coverage that pays the potentially high cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.
GAP Plus coverage also includes up to $1,000 toward your down payment of a replacement vehicle (where allowed by law and when financed by the Credit Union).
It’s easy to be covered. You can sign up for GAP when you apply for your vehicle loan. There’s no underwriting, no red tape, no hassles. And for your convenience, the amount can be rolled into your monthly loan payment. GAP is fully refundable if you cancel the coverage within the first 90 days and can be purchased during the first 60 days of the vehicle loan.
For more information on this service, CONTACT a Loan Representative today!
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