GAP is an insurance add-on that pays the difference between the depreciated value you still owe on your ride if it’s stolen or totaled. In plain English, it’s coverage for that “gap” between your car’s real value (as determined by your insurance company) and your auto loan balance.
How much does GAP cost?
The price of GAP, on average, is between $500 to $700. At OE Federal, it’s below $400 and we suggest adding it directly to your auto loan payment.
Is GAP for everyone?
GAP is recommended for drivers who are, or likely to be, upside down on their auto loans. No, this doesn’t involve a trapeze; it just means the drivers owe more for their car than what it is actually worth.
Debt protection is a a loan-payment protection product designed to help you get relief from loan payments if you suddenly find yourself caught up in a protected life event.
How much does debt protection cost?
The cost of debt protection can vary based on your amount of debt being protected. We suggest giving us a call at 800.877.444 to discuss.
Is debt protection for everyone?
Debt protection is a must-have for anyone with a loan. If a protected life event happens to you (or the co-borrower on the loan), debt protection will cancel or waive your loan payments up to the member agreement maximums, taking the financial pressure of you and your family.
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