The Credit Union offers GAP (Guaranteed Asset Protection) Coverage on new and used vehicle loans for a flat fee of $250.00. 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
- 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%
- Maximum loan term of 72 months
- Maximum claim benefit of $50,000
- 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.