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Guaranteed Asset Protection |
Protect yourself with this auto loan deficiency waiver that is designed to eliminate your unpaid net loan balance in the event your vehicle is stolen or damaged beyond repair (totaled.) GAP coverage relieves the member of the responsibility of paying the remaining loan balance not covered by the proceeds from the primary insurance policy or any applicable third party insurer.
Guaranteed Asset Protection is purchased at the time of your CTCU loan application.
Member Benefits
- Covers the difference between the actual cash value of the car and the outstanding loan balance at the time of loss. (certain restrictions apply)
- Costs only $175.
- Peace of mind to protect credit rating.
- Saves money by eliminating “out-of-pocket” expense for remaining loan balance after loss settlement.
- Helps borrower to purchase replacement vehicle.
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Why Get GAP Coverage?
The second you drive a new, or even slightly used car off the dealership lot, it's value decreases dramatically. Should your vehicle be stolen or damaged beyond repair, auto insurance will only cover up to the current value of your vehicle. Usually, this amount is not enough to cover the remaining balance you may owe on your auto loan. This makes it more difficult to find the money needed to purchase a replacement vehicle. With GAP coverage, you'll be in better financial shape to replace your vehicle.
Requirements
- CTCU membership.
- Loan required to be with CTCU.
Guaranteed Asset Protection is purchased at the time of your CTCU loan application.
