Guaranteed Asset Protection (GAP)
In the event your vehicle is totaled or stolen, your primary insurance company may pay a significantly lower amount than what is outstanding on your loan. The result of a deficient balance or 'gap' may create a serious financial hardship on you due to the need to finance a loan for a replacement vehicle and to pay off the amount owed on your current loan of the totaled or stolen vehicle. The GAP coverage would make up the difference between what insurance covers and the amount you still owe. As an added benefit, GAP Advantage will help you get back on the road more quickly by providing a $1,000 allowance to finance a replacement vehicle with Financial One Credit Union.
Other Benefits of Guaranteed Asset Protection (GAP)
- Provides low cost protection for the term of your loan (up to 84 months) with no model, mileage or year restrictions
- Pays primary insurance deductible up to $1,000
- Eliminates the out-of-pocket expense for your remaining loan balance after loss settlement
- Prevents deficiency balance from being added to your new loan
- Helps protect your credit rating
For your free quote for Guaranteed Asset Protection Click Here.
Note: GAP cannot be transferred from one loan to another, and is valid during the term of the loan only. GAP can be added to a new loan during the initial loan application process, and to existing loans. For more information, contact a Financial One Representative.