YOUR AUTO INSURANCE
DOES NOT COVER EVERYTHING
event your vehicle is deemed a total loss due to an accident
or theft, your auto insurance policy will usually cover only
the actual cash value or market value of your vehicle less
a deductible. This settlement could be significantly less
than the amount you owe to your lender or leasing company.
The final result is a financial GAP where you must make up
the difference, which could mean thousands of dollars out
of your pocket.
PROTECTION THROUGH GUARANTEED
AUTO PROTECTION PLUS
GAPP 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.
Auto Protection Plus is a loan/lease deficiency waiver
and is not offered as insurance coverage.
the current market, during the first few years that you own
your vehicle, your loan/lease balance can be higher than the
actual value of your vehicle, as a result of depreciation.
As your vehicle's value declines, your loan/lease balance
may decline more slowly, resulting in a financial gap. If
your vehicle were stolen or totaled in an accident, you would
be liable to pay the difference between your insurance settlement
and your outstanding loan/lease balance.
Auto Protection Plus covers the difference between
the actual cash value of your vehicle and the loan/lease balance,
less delinquent payments, late charges, refundable service warranty
contracts and other insurance-related charges.
purchase of Guaranteed Auto Protection Plus is voluntary
and cannot be required as a condition of credit approval.
Guaranteed Auto Protection Plus will even cover your auto
insurance deductible of $500 or $1,000. The actual amount
depends on your credit union's program limits. Ask your lender/loan
officer for details.
Guaranteed Auto Protection is administered by a third party
provider. Please see our privacy
policy for additional information on services offered
by third parties.
Click here for GAP loan calculator.