GAP
GAP
Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan.
- No out of pocket cost; can be rolled into your loan
- Ease your mind knowing your loan is covered if you total your vehicle
- Add or cancel GAP at anytime during the loan
More Info
A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot. This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan.
Frequently Asked Questions
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Can I add GAP after I've already purchased my vehicle?
Yes, GAP can be purchased at any time. However, GAP must be added during the loan process in order to roll the price into your vehicle loan.
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Can I cancel GAP?
Yes, GAP can be canceled at any time during the loan.
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Does GAP offer a refund?
Depending on your product and the state you reside in, you may be eligible for a full or partial refund upon cancellation.
Your purchase of MEMBER'S CHOICE Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit of the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, AND WI, may be without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee.