MEMBER'S CHOICE™ GUARANTEED ASSET PROTECTION (GAP) PLUS
MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) Plus is optional protection that is designed to help protect the "gap" between your car’s actual cash value and what you owe on it.
If your car is stolen and not recovered, or accidentally damaged beyond repair and declared a total loss, your insurance covers its replacement value. But what happens when your loan balance is more than what your settlement pays?
Without GAP Plus, you’re left to pay the difference out of your own pocket.
GAP Plus is particularly valuable if you put little or no money down on your loan, your loan term is longer than 48 months, or you’d struggle to come with cash to pay the "gap."
A one-time fee protects you from this risk for the entire length of your loan. It’s that simple. In addition, GAP Plus may also cancel $1,000 of your next loan with the Credit Union, when you purchase a replacement vehicle.
How GAP Plus Works2
|Original Loan Balance||$25,000|
|Loan Balance on the Date of Loss||$21,000|
|Insurance Settlement After Accident||$16,000|
|Remaining Unpaid Loan Balance||$5,000|
|Loan Balance after GAP Benefit||$0|
- Available for loans up to 84 months.
- No additional monthly cost.
- No mileage or model-year restrictions.
- If you have a total loss, and purchase a replacement vehicle financed through SchoolsFirst FCU, GAP Plus may cancel $1,000 of your new loan.
GET A QUOTE
Call 800.462.8328 ext. 4389
Monday through Thursday, 9 a.m. -5 p.m.
Friday, 9 a.m. -6 p.m.
Saturday, 9 a.m. -3p.m.
Contact an agent by sending an email to firstname.lastname@example.org.
GAP Plus does not: (1) replace your vehicle insurance; (2) provide bodily injury, property damage, liability, or collision insurance; and (3) comply with any financial responsibility law, or any other law, mandating motor vehicle insurance coverage.
- Your purchase of MEMBER'S CHOICE™ Guaranteed Asset Protection (GAP)Plusis optional and will not affect your application for credit or the terms of any credit agreement you have with the Credit Union. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAPPlus. You should carefully read the contract for a full explanation of the terms. If you choose GAPPlus, adding the GAPPlusfee to your loan amount will increase the cost of GAPPlus. You may cancel GAPPlusat any time. If you cancel GAPPluswithin 90 days you will receive a full refund of any fee paid.
- Information in example provided for illustration purposes only. Actual insurance settlement and GAPPlusbenefit may vary.
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