Guaranteed Asset Protection (GAP)


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.

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