Guaranteed Asset Protection (GAP)
Don’t let a total loss become a financial loss, learn more about Guaranteed Asset Protection
If your vehicle is deemed a total loss due to an accident or theft, there can be a significant gap between what you owe on your loan and what your auto insurance will cover. GAP may reduce or even eliminate that shortfall in the
event your vehicle is deemed a total loss.
If your vehicle is damaged, but not deemed a total loss,
GAP with Deductible Assistance may be able to relieve some of the financial
burden by allowing the deductible amount to be applied to your loan when the
repairs cost more than your deductible, reducing what you owe.
Protection option for your vehicle loan – and your finances:
Essential financial protection on your vehicle loan that helps you drive with confidence. Contact us today about how we can help protect you from sudden out-of-pocket expenses with Guaranteed Asset Protection.
Your purchase of MEMBERS CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your loan 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 of Effective Date of Waiver, you will receive a full refund.
GAP purchase from state chartered credit unions in FL, GA, IA, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you
may cancel at any time during the loan and receive a refund of the unearned fee.
GAP purchase from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee.
GAP purchase from state chartered credit unions in IN may be without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee.
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