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Auto loans need GAP protection

It’s worth $32,500 on the lot… but only $27,000 on the street!

Your NEW car becomes a USED car as soon as you drive it off the lot.

What is GAP? Peace of Mind!
If your vehicle is ever totaled or stolen, your primary insurance will usually pay only the current market value of your vehicle, less your deductible.

If the actual cash value is less than your current loan amount, the result could be a financial gap where you must pay the difference between your loan balance and your insurance settlement. This could mean thousands of dollars out of your pocket.

If the value of your car is less than the balance of your auto loan, you’re “upside down,” and there is a gap that isn’t covered by standard insurance. This difference requires a special type of protection called GAP.

Do you need GAP protection?
A car starts depreciating as soon as you buy it, but never more than when you drive it off the lot — turning it from a “new” car to a “used” car. To estimate the anticipated depreciation and potential GAP risk, call the Credit Union directly at (651) 602-8105 and ask for a GAP Risk Illustration through the VisualGAP system.

GAP Protection Chart
This is general information only. Please refer to your actual GAP Waiver Addendum (GAP) for terms, conditions, coverage, limitations, and restrictions. GAP is not an insurance policy and does not replace or eliminate the need for vehicle insurance coverage. There are exclusions and limitations for items like delinquent payments, late charges, refundable items and financing more than the allowable Loan to Value (LTV%) limit that could leave you responsible for a loan balance after the GAP benefit is applied to your loan. You may cancel GAP during the first 60 Days and receive a full refund of any fee paid. GAP is non-refundable in most states after the first 60 Days.