Guaranteed Asset Protection
There could be a big difference between what your insurance will pay and what you owe on your loan.
Most cars depreciate by thousands of dollars as soon as they drive off the lot. And, if your vehicle is stolen, damaged beyond repair or totaled, you are still liable to pay the difference. This difference, or the “gap” between your insurer’s settlement and your loan balance, will come out of your pocket for a vehicle that no longer exists.
Guaranteed Asset Protection or “GAP” could save you thousands. GAP is automotive coverage that pays the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.
For just a few dollars a month, GAP can save you from making loan payments on a vehicle that is beyond repair, stolen or totaled.
You can sign up for GAP when you apply for your vehicle loan. There’s no underwriting, no red tape and no hassles. And, for your convenience, the amount can be rolled into your monthly loan payment.
GAP is fully refundable if you cancel the coverage within the first 60 days
Protect your family, your car and your credit rating with GAP automotive coverage. Contact us now for a quote.
This information is intended to provide a general outline of the benefits of MEMBER’S CHOICE Guaranteed Asset Protection, and should not be relied upon as providing all benefits and limitations when purchasing this protection. Be sure to carefully read your MEMBER’S CHOICE GAP waiver or policy/certificate of insurance for complete details, including any coverage limitations. In states where GAP is a debt cancellation product, MEMBER’S CHOICE GAP is made available through your credit union and CUNA Mutual Insurance Agency, Inc. Benefits offered can vary by credit union.