Protect Your Credit Rating And Finances With GAP.
Guaranteed Asset Protection covers you when you need it.
Cars and trucks are more expensive than ever. Quality used vehicles are too. If you purchase a new or late model used vehicle and it is totaled or stolen, your insurance will only pay the estimated value of the vehicle. What if you owe more on your loan than your insurance pays out?
In that case, you’re left having to come up with the remaining amount to payoff your loan—and that could be hundreds or thousands of dollars out of pocket. This is where GAP comes in.
What is GAP?
GAP is financial protection for you that will pay the difference between the insurance company payout and your outstanding loan balance at the time of loss. But GAP offers even more…
GAP full benefits:
- Pays off any remaining car loan balance not covered by insurance
- Pays your insurance deductible up to $1,000
- Pays $1,000 principal payment toward new loan if financed with COPFCU within 90 days of car being declared a total loss
- Saves you from paying thousands out of pocket
- Protects your credit rating
Should You Purchase GAP?
GAP is recommended when:
- You purchase a new or late model used vehicle with less than 20% down
- You finance a vehicle for a term greater than 48 months
- You expect to drive your vehicle 15,000+ miles per year
These situations will likely result in your car’s value being less than your outstanding loan amount.
Financial peace of mind for less than a car payment.
GAP is extremely affordable. For just a few hundred dollars, you can protect your finances and credit rating.