DON'T GO UNPROTECTED - GET GAP!
You've just refinanced your dream car. Well, before you drive away, consider this:
- The car began depreciating immediately.
- One in three Americans will suffer the total loss of a vehicle.
- One in every 20 drivers will experience an unrecovered theft.
Vehicle prices continue to increase and at the same time we want longer loan terms and are making smaller down payments. It's typical
for a vehicle's outstanding loan balance to be significantly higher than its actual cash value, especially
during the first few years of the loan.
If your vehicle is totaled or stolen, your insurance settlement will be based on its actual cash value, not the outstanding loan balance.
This may create a deficiency balance or a "gap."
We have a product that will prevent you from incurring a financial loss...Guaranteed Auto Protection (GAP). This product eliminates the
potential for loss in the event your vehicle is totaled or stolen.
In addition to the protection GAP offers, our program offers the following advantages:
- The program is underwritten by highly rated insurance companies. Our underwriters have extensive
experience and are known for their financial strength, stability and responsive claims handling.
- Enrollment is easy and coverage begins immediately.
- We offer coverage for a variety of both new and used vehicle types.
- Up to $1,000 of your primary insurance carrier's deductible may be covered.
- An additional $1,000 towards the purchase of a replacement vehicle financed through the credit union.
Without GAP you are liable for the deficiency balance. This means you could end up paying for a vehicle that you can no longer
drive, while forced to purchase a replacement vehicle. Drive your dream car knowing you are safe from failling into the "gap"!
To learn more about how you can add GAP to your loan, please contact the credit union at 818-248-7425, Ext. 17.
