Guaranteed Asset Protection (GAP)
When it comes to owning a vehicle, few things can be more frustrating—and expensive—than dealing with the aftermath of an auto accident. This is especially true when primary auto insurance settlements don’t pay off your entire loan balance in the event your vehicle has been stolen or totaled in an accident. Due to the rapid depreciation of new cars, this scenario is more common than you might think.
If there’s a difference between your remaining loan balance and the value of your vehicle, MEMBER’S CHOICE Guaranteed Asset Protection (GAP) insurance will help you pay the difference based on the terms of your member agreement. By taking a few simple steps while signing your loan paperwork, you can guard your finances both now and in the future.
Ask your loan officer for GAP details during the financing application process.