GAP Insurance can help make sure your car is paid off in the event of an accident
Guaranteed Asset Protection (GAP) offers protection against financial liability for members who finance eligible titled vehicles. GAP covers the difference between market value of the vehicle and the loan balance, in the event the vehicle is totaled or stolen.
- GAP protects you from owing more on your vehicle than it is worth
- Covers vehicle for life of loan
- Sandia Area cost is substantially lower than you’ll find elsewhere
- One time cost can be added to amount borrowed
How GAP works
GAP can waive the difference between what the insurance company pays and the loan amount.
For example: |
|
|---|---|
| Insurance Settlement | |
| Vehicle Cash Value | $11,000 |
| Deductible | $500 |
|
Insurance Settlement |
$10,500 |
| Loan Settlement | |
| Outstanding Balance | $15,000 |
| Insurance Settlement | $10,500 |
| Deficiency Balance | $4,500 |
|
GAP Amount |
$4,500 |
Request GAP for your next vehicle loan!
Your purchase of MEMBER’S CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the GAP Waiver agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product. Insurance products are not insured by NCUA or any Federal Government Agency; are not a deposit of, or guaranteed by the Credit Union or any Credit Union Affiliate; and may lose value.
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