Don’t let a wrecked vehicle wreck your finances.
Guaranteed Asset Protection (GAP) is designed to protect members against financial loss in the event their vehicle is stolen and never recovered or declared a total loss. It's a great way to protect your finances if the value of your vehicle is less than the amount of your auto loan because GAP pays the difference between the primary auto insurance carrier's settlement and the outstanding loan balance. 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.
Additionally, Apple members with GAP receive Deductible Assistance.** This benefit provides insurance deductible assistance up to $1,000 if you have an accident that does not result in a total loss.
Please note: GAP is available for both Auto and Motorcycle Loans. However, the deductible assistance is not available for Motorcycle Loans.
*Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov 9, 2018.
**Members that have purchased GAP Plus as of 09/09/2022 are eligible for Deductible Assistance.
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP), is optional and will not affect your application for credit or 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 with or 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. GAP-1679028.8-0322-0923 © CUNA Mutual Group, 2022. All Rights Reserved.