What is Guaranteed Auto Protection?

Guaranteed Auto Protection (GAP) offers protection against financial liability when you finance a new or used vehicle. GAP protects against financial loss in the event that your vehicle is totaled or stolen.

In today's automobile market, your vehicle begins to depreciate the minute it is purchased. Because of this, your vehicles outstanding loan or lease balance is typically higher during the first few years of the loan or lease.

For example, when a vehicle is totaled or stolen, your insurance company's settlement is based on the actual cash value of the vehicle. Because of the way the claim is paid, the settlement can be significantly less than your remaining loan or lease balance. This may cause a "gap" resulting in a serious financial hardship for you.

Please contact your credit union representative for more information and to get GAP coverage for your vehicle loan.