GUARANTEED ASSET PROTECTION (GAP) WITH DEDUCTIBLE ASSISTANCE
Essential financial protection on your vehicle loan that helps you drive with confidence.
Don’t let a total loss become a financial loss, learn more about GAP Plus with Deductible Assistance.
If your vehicle is deemed a total loss due to an accident or theft, you may wind up owing more on your loan than your auto insurance will cover. GAP Plus with Deductible Assistance may reduce or even eliminate that shortfall in the event your vehicle is deemed a total loss and may help reduce your next loan at the credit union, making it easier to get the replacement vehicle you’ll need. Also, if auto repairs cost more than your deductible, the deductible amount is applied to your loan, reducing what you owe.
Here are some major benefits of GAP:
- 90 Day Free look period
- Deductible Assistance
- This includes a primary insurance deductible maximum per occurrence of $1,000 and includes single-vehicle protection. Maximum number of occurrences is no more than 2 in a 12 month period.
- Maximum Loan-to-Value: 130%
- GAP Plus benefit
- $1,000 is waived from the loan when the replacement vehicle is financed by our credit union within 120 days after member’s primary insurance company issues a settlement check.
- Skipped Payments
- Protection includes up to 15 skipped payments during the term of the financial agreement. Example of this would be skipped payments that are authorized by your credit union (skip a pay).
Guaranteed Asset Protection FAQs
GAP helps when the unexpected happens and your car is totaled or stolen. Your car's insurance company will pay the value of the vehicle at the time of loss, but that could be less than what you owe on your loan. GAP coverage steps in to pay off this "gap" in most cases.
GAP can be purchased at any time during the loan and can be cancelled with a full refund within the first 90 days.
Motor vehicles (private passenger cars, vans and light trucks), powersports (motorcycles, ATVs, snowmobiles, personal watercraft), recreational vehicles (RVs) and watercraft (boats).
There are many factors to consider before purchasing GAP for your vehicle, including how much equity you have in it and how much wear and tear you plan to put on your vehicle. Larger down payments increase the equity in your vehicle and decrease your loan-to-value (LTV) ratio. If you have a loan to value ratio of 80% or more, then you should consider purchasing GAP on your vehicle loan so you are protected from the unexpected.
GAP will not pay for late fees, interest, credit protection, service contracts that could be cancelled and returned to the loan balance or remaining balances due to over-financed loans.
If you have purchased GAP coverage, we will automatically start a GAP claim on your behalf after we’ve received notification of total loss from your insurance company. For status updates, please send us a secure message through online banking or call 800.232.8669.
You must continue making loan payments when due until all insurance and GAP settlement funds are received. Any overage of payments will be refunded to you.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Payment protection products include debt protection products available through the credit union and MEMBER'S CHOICE® credit life and credit disability insurance underwritten by CMFG Life Insurance Company.
Disclosure: Your purchase of MEMBERS CHOICETM Guaranteed Asset Protection (GAP), which includes deductible assistance, is optional and will not affect your loan application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchase from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchase from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchase from state chartered credit unions in IN may be without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee.
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