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Guaranteed Asset Protection (GAP)

Add more protection to your vehicle loan.

Guaranteed Asset Protection (GAP)

Add more protection to your vehicle loan.

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 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.

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