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GAP Coverage

The Credit Union offers GAP (Guaranteed Asset Protection) Coverage on new and used vehicle loans for a flat fee of $275.00. GAP Coverage is a debt cancellation product that covers the difference between the insurance settlement amount and the outstanding loan balance if your vehicle is involved in a total loss claim, as determined by your auto insurance provider, due to an "at fault" or "not at fault" accident, theft or flood.

If your vehicle is totaled, the insurance settlement is based on the actual cash value of the vehicle not the outstanding loan balance. This difference could create a "gap" (money you still owe on the loan) after the primary insurance settlement has been paid. With GAP Coverage, this deficiency would be covered up to specific parameters.


  • Eligible for new and used cars, light trucks, vans and SUVs
  • Maximum market value of the vehicle is $100,0001
  • Maximum loan to value of 110% for terms up to 72 months
  • Maximum loan to value of 100% for terms 73-120 months
  • Maximum claim benefit of $50,000
  • Not available for Classic Vehicles (vehicles that are 20 years old or older)
  • Eligible for new loans only2
  • 90-day "free look" period3

1 Based on MSRP or NADA Average Retail Value
2 Existing loans not eligible unless refinanced
3 During the "free look" period, coverage may be cancelled for a full refund. The refund will be applied to the outstanding loan balance.

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*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors.