The speed in which a vehicle depreciates can easily create a “gap;” the difference between what the vehicle is worth and the amount owed on it. Unfortunately, if the vehicle is stolen, accidentally damaged beyond repair, or declared a total loss, a “gap” may exist between the insurance settlement and the loan balance. Even worse, you will still be liable for any remaining loan balance and in effect will be paying off a loan for “nothing.”
For just a few dollars a month, you can purchase GAP Insurance that will relieve that financial burden. GAP Plus Insurance will not only pay the difference of the insurance settlement and loan balance but give you $1000 for a down payment on the next vehicle you finance with the credit union.
GAP Insurance coverage can be purchased for cars, motorcycles, recreational vehicles, travel trailers, watercraft, snowmobiles, and ATV’s.
One single premium will purchase coverage for the term of the loan.
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Gap Insurance Prices
|Sport and Off Road Vehicles
Premiums are subject to change without notice.
Make sure you ask your loan officer how to protect yourself with GAP.