What does GAP Cover?
In today's automobile market, during the first few years of financing your vehicle, your loan balance can be higher than the actual value of your car, as a result of depreciation. As you car's value declines, your loan balance can be significantly higher. If your car were stolen, or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan balance.

GAP covers the difference between the market value of your vehicle and the loan balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. In the event a deficiency exists, our program will cover your insurance deductible, up to $1,000. Gap now includes a $1,000 towards the purchase of a new car if financed with the Credit Union within 90 days of a loss.

Please come by and visit our Member Services Department for more details.

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