The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. Not available in NY or AK.
Consider This
Let’s say your one-year-old financed vehicle is totaled beyond repair.
- Your loan balance is: $15,000
- Your insurance settlement is: $10,000
- Based on your vehicle’s market value: $11,000
- Less your insurance deductible: $1,000
Total amount you owe without GAP Advantage: $5,000
Total amount you owe with GAP Advantage: $0
PLUS $1,000 credit towards the financing of your replacement vehicle!
As a Thank You for purchasing GAP, you will receive the Auto Advantage Program
Auto Advantage pays up to five hundred dollars ($500) per Loss (UNLIMITED losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title or registration, AND insures under an Auto Insurance Policy designating the Member as the Named Insured.
In addition, you’ll get access to Personal ID Restoration Consulting, and Warranty Vault, an online storage and organizing service that helps you take advantage of your consumer product warranties.
Speak to one of our representatives or visit any of our convenient branches to learn more.
GAP disclosures: Your purchase of GAP is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us. We will give you additional information before you are required to pay for GAP. This information will include a copy of the GAP Waiver Addendum which will contain the terms and conditions of GAP benefit.
GAP eligibility requirements, conditions, and exclusions: There are eligibility requirements, conditions and exclusions that could prevent you from receiving GAP benefits. You should carefully read your GAP Waiver Addendum Form for a full explanation of the benefits, rules, terms and conditions of the program. This webpage is not a contract. GAP is a loan/lease deficiency waiver and is not offered as insurance coverage. GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum.
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Different from a bank, credit unions are not-for-profit financial institutions where our members are part owners. This means lower fees, competitive loan rates, and access to a ton of free services since we invest back in our members, rather than corporate shareholders.
