Guaranteed Asset Protection (GAP)
There could be a big difference between what your insurance will pay and what you owe on your loan.
Most cars depreciate by thousands of dollars as soon as they are purchased and driven off the lot. Unfortunately, if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference, or the “gap” between your insurer’s settlement and your loan balance. That gap will come out of your pocket for a vehicle that, for all practical purposes, no longer exists.
Could save you thousands of dollars
GAP is low-cost coverage that pays the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle. For just a few dollars a month, GAP can save you from making a loan payment on a vehicle that’s beyond repair, or stolen and not recovered. GAP Plus coverage also includes up to $1,000 toward your down payment of a replacement vehicle (where allowed by law and when financed by the credit union).
It’s easy to be covered
You can sign up for GAP when you apply for your vehicle loan. There’s no underwriting, no red tape, no hassle. The cost of GAP can also be rolled into your monthly loan payment.
GAP is fully refundable if you cancel the coverage within the first 90 days.
Protect your family, your car and your credit rating with Advantage One's protection solutions. Contact our loan department and speak to a loan officer for more information about the benefits of GAP!Go to main navigation