During the first few years of your car loan, if your car is stolen or totaled in an accident, your car insurance may not pay off your loan balance. The longer your loan, the more likely it is that your car loan balance is greater than the current value of your car. Gap Plus is an inexpensive way to cover the total cost of the loan and not just what the insurance company may be willing to pay you.
In addition, if your car is stolen or totaled in an accident, GAP Plus will cancel $1,000 of your next loan with the Credit Union when you purchase a replacement vehicle within 60 days of your primary insurance settlement.
Compare our one-time $230 cost to what your dealer will charge you. You can also wrap the cost into the loan. Ask our loan officer about Guaranteed Asset Protection Plus (GAP Plus) coverage.