RiverLand Credit Union - Guaranteed Auto Protection Insurance (GAP)

Does an Auto Loan “GAP” Mean You're at Risk?

Most cars depreciate by thousands of dollars as soon as they are purchased. And if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared a total loss, you will still be liable to pay the difference: the “gap” between the insurance settlement and your loan balance.

Guaranteed Asset Protection (GAP) helps cover the difference between your primary insurer’s settlement and the loan balance on items directly related to the purchase of the vehicle. MEMBER’S CHOICE™ GAP provides coverage for a potentially high-cost expense.

Without GAP coverage, you could end up paying thousands of dollars for a car you no longer have. Sounds incredible, but it’s true. You could be risking some big financial losses, especially in the early years of financing your vehicle. That’s because if it is stolen or totaled, your auto insurance will cover the actual cash value.

MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) can cover that loss exposure for only a few dollars a month. A small price to pay compared to a series of monthly payments you might be forced to make on a “phantom” vehicle.

Contact us today for our current loan rates and terms—and ask about GAP coverage for your next vehicle loan.

Click here for detailed information

* The information contained on this page is intended to provide a general outline of the benefits of MEMBER’S CHOICE Guaranteed Asset Protection. Be sure to carefully read your MEMBER’S CHOICE GAP waiver or policy/certificate of insurance for complete details. Guaranteed Asset Protection may vary first by state and then by credit union. In states where GAP protection is an insurance product, MEMBER’S CHOICE Guaranteed Asset Protection is made available and underwritten by CUMIS Insurance Society, Inc. In states where GAP is a debt cancellation product, MEMBER’S CHOICE Guaranteed Asset Protection is made available through your credit union and administered by CUMIS Insurance Society, Inc.

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Points to Consider:

On average, a vehicle loses between 10% and 15% of its value within the first year.

There were an estimated 6,181,000 police-reported vehicle crashes in 2004.

(National Highway Traffic Safety Administration, 2005)

Every 26 seconds a motor vehicle is stolen in the United States. The odds of a vehicle being stolen were 1 in 190 in 2003. The odds are highest in urban areas.

(Insurance Information Institute, 2005)

Equal Housing Lender.

Federally Insured by the NCUA.