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“The Credit Union has something for everyone, from someone who is financially savvy to a person who just needs basic services.”


– Amy C.
Member Since 2010

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MEMBER'S CHOICE™ Guaranteed Asset Protection (GAP)
MEMBER'S CHOICE™ Guaranteed Asset Protection (GAP)
 

If your vehicle is stolen and not recovered, or accidentally damaged beyond repair and declared a total loss, your auto insurance covers its replacement value. But when your loan balance is more than what your insurance company pays you for the vehicle, what happens?

 

MEMBER'S CHOICETM Guaranteed Asset Protection (GAP) Plus is designed to help protect the outstanding loan balance, up to the contract maximums (e.g. 150% Loan to Value (LTV)), that is not paid off by the settlement provided by your insurance.1 Without it, you’re left to pay the remaining loan balance out of your own pocket.

 

Example: 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 Plus Benefit $0


Features

  • If you have a total loss, and you purchase a replacement vehicle, GAP Plus may cancel $1,000 of your next SchoolsFirst FCU auto loan

  • One-time fee protects the entire length of your loan (up to 84 months)
  • No additional monthly cost
  • No mileage or model year restrictions
  • Protects up to 150% LTV

Get a Quote

Call

Call

800.462.8328 ext. 4389

Monday through Thursday, 9 a.m. - 5 p.m.
Friday, 9 a.m. - 6 p.m.

 

Email

 

Contact an insurance specialist by sending an email to

insurance@schoolsfirstfcu.org

 

Branch

Visit

 

Any SchoolsFirst FCU branch

 

 

 

 

Disclosures

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.

 

1Your purchase of MEMBER’S CHOICETM 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.
 

2Information in example provided for illustration purposes only. Actual insurance settlement and GAP benefit may vary.

GAP-2355428.1-1218-0121

SchoolsFirst Insurance Services, LLC Privacy Policy

 

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