Most cars depreciate by thousands of dollars as soon as they are purchased. 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.
Guaranteed Asset Protection (GAP) is a 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 loan payments on a car, truck or other 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 our credit union).
You can sign up for GAP when you apply for your vehicle loan. There's no underwriting, no red tape, no hassles. And for your convenience, the amount can be rolled into your monthly loan payment. Contact one of our Loan Officers today to find out more about GAP.
GAP Insurance is made available through CUNA Mutual. Any insurance products offered are not federally insured by the NCUA, privately insured by the MSIC, are not obligations or guarentees of the Credit Union, and may involve risk. You may be informed about this or other nondeposit insurance or investment products by an employee who sells these types of offerings, but who also accepts deposits on behalf of MMFCU.