Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. Carfax data show that cars typically lose more than 10% of their value in the first month after you drive off the lot, and it keeps dropping from there.* This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program can help fill the gap between what your vehicle insurance will pay and what you owe on your loan. Plus, it helps you get into your next vehicle by reducing your loan at the credit union by $1,000 or more.
Contact us today to learn more about adding GAP Plus to your vehicle loan so you can worry less about tomorrow.
*Car Depreciation – How Much it Costs You, CARFAX, February 3, 2021
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your 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.