LOANS
SECTION 1 | SECTION 2 | SECTION 3
Loan Disability and Life | GAPP - Guaranteed Auto Protection Plus | Auto - Nationwide | Homeowner - Nationwide
GAPP* - Guaranteed Auto Protection Plus
GAPP covers the difference between the market value of your vehicle and the loan balance if your vehicle is deemed to be totalled, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. GAPP will even cover your insurance deductible up to $1,000.00.
If your vehicle is totalled for any reason - theft, fire, accident, flood, tornado, or vandalism - the value that your insurance company places on it may be a whole lot less than its actual retail value - and it is often considerably less than the actual amount you on your loan. Between the amount of the insurance deductible and the loss from this financial shortfall or "GAP" you can be left owing literally thousands of dollars.
For example, here's how a typical settlement goes:
| Your Loan Payoff |
$16,000.00 |
| Your Vehicle's Actual Cash Value |
13,000.00 |
| Your Deductible |
500.00 |
| Your Insurance Settlement |
12,500.00 |
| Balance Still Owed The Credit Union |
3,500.00 |
| Guaranteed Auto Protection Plus Pays (GAPP) |
3,500.00 |
Cost
The cost for member's is only $150.00 for the total life of the loan.
PROTECT YOUR NEW VEHICLE AND YOUR GOOD CREDIT......... COVER THE GAP!
* Refer to your certificate for a complete explanation of benefits
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Equal Housing Opportunity