Guaranteed Auto Protection Plus

Your auto insurance does not cover everything

In the 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

Guaranteed Auto Protection Plus protects individuals who finance a new or used vehicle from the financial GAP.

In 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.

Guaranteed 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.

Guaranteed Auto Protection Plus is a loan/lease deficiency waiver and is not offered as insurance coverage.

The purchase of Guaranteed Auto Protection Plus is voluntary and cannot be required as a condition of credit approval.

We offer GAP (Guaranteed Auto Protection) insurance on your loan through Evans, Simpson and Associates for a one-time fee of $325. This insurance will pay off any loan balance remaining after your insurance company has settled if the vehicle is stolen or totaled. GAP coverage also includes ADR (Auto Deductible Reimbursement) for 3 full years, which will reimburse up to $500 of your deductible for a claim on any vehicle you own and insure.

Please note that Insurance products are not products of the Credit Union; and are not obligations of or guaranteed by the Credit Union. Insurance may be purchased from an agent or an insurance company of the member’s choice; and Credit Union makes no representations as to the services of any provider.