What is Guaranteed Asset Protection* (GAP)?
Guaranteed Asset Protection protects against financial loss in the event
your vehicle is damaged beyond repair, or stolen and never recovered. Your vehicle's
value declines as a result of depreciation and the loan balance may be higher
than its actual cash value. GAP coverage pays the difference between the insurance
settlement and the outstanding loan balance. You may also receive an additional
$1,000 credit towards financing a replacement vehicle. Coverage is available
up to 90 days after you finance the replacement vehicle.
*Insurance products sold through or in the credit union are not insured by the National Credit Union Administration and are not issued, guaranteed, or underwritten by the credit union, the National Credit Union Administration, or any other federal government agency. There is no requirement or obligation to purchase insurance from the credit union or any subsidiary, affiliate, or particular unaffiliated third party as a condition to obtaining a loan. A decision as to insurance agents will not affect the credit terms in any way. The credit union may not condition an extension of credit on an agreement not to obtain, or a prohibition on the applicant from obtaining, an insurance product or annuity from an unaffiliated entity.