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Have you ever had your car totaled by your insurance company (deemed a total loss), and the check for the value of your car leaves you owing more money on your loan? Chances are you didn’t have GAP.
Guaranteed Asset Protection (GAP) is an additional insurance you can purchase when you buy a vehicle. GAP may cover the difference between what your insurance will cover and what you still owe on your loan if your vehicle is lost, stolen, or damaged beyond repair. If the amount your insurance company pays doesn’t quite cover the cost of your car loan, GAP may be able to step in to help cover the rest and prevents you from owing money on a vehicle you can no longer drive.
American 1 Credit Union offers GAP on auto loans for only $399. Our GAP Advantage also gives you $1,000 toward a new auto loan if you finance with American 1 – a benefit you’ll only find at American 1! Ask your Member Service Specialist about GAP today!