Coverage Worth the Investment!

Guaranteed Asset Protection (GAP) protects you against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered.

Since a vehicle’s value declines as a result of depreciation, the loan balance can be higher than its Actual Cash Value (ACV). Without GAP coverage, you would be responsible for paying the difference between the insurance settlement and the outstanding loan balance. With the purchase of GAP, the deficiency balance may be waived.

Eligible Collateral & Rates

Private passenger autos, vans and light trucks (one ton load capacity and under) that are not used for commercial use.

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Guaranteed Asset Protection is not NCUA insured.

Benefits
  • Protects your credit rating
  • Eliminates or reduces “out of pocket” expenses for the remaining loan balance after loss settlement
  • You are able to purchase a replacement vehicle sooner because there is little or no carry-over balance
  • Pays benefits up to $50,000
  • You may purchase up to 1 year from effective date of loan
  • Available at reduced amount compared to the dealer’s GAP
  • Waiver may be fully refunded within 60 days of its inception if no GAP benefits have been paid
  • Peace of mind
$415 Rate to Member

GAP covers the difference between the net payoff of the Lease/Loan contract and the ACV of the vehicle as determined by the primary insurance company. Auto deductible protects you on accidents not resulting in a total loss. Here is an example:

You are NOT out of pocket thousands of dollars
Loan Amount: $24,000
Term: 72 months
Date of Loss: 36 months
Loan/Lease Payoff: $12,000
Insurance Settlement¹: $8,500
GAP (Guaranteed Asset Protection) ($3,500)
Insurance Deductible ($500)
Payment to Lender $4,000
Out-of-pocket Expense with GAP coverage $0.00