Guarantee Asset Protection - GAP

MEMBER’S CHOICE® Guaranteed Asset Protection (GAP) Plus

When you buy a new or used vehicle, there’s no way to know if it will be stolen or totaled in an accident, and oftentimes primary auto insurance doesn’t cover everything – leaving you with a gap to cover. With MEMBER’S CHOICE Guaranteed Asset Protection Plus, you’re protecting yourself and your vehicle investment from a possible financial loss.

How It Works:

The fee can be included with your monthly payments or made separately by cash, check, charge, or in certain instances, electronic funds transfer. If there’s a difference between what you owe on your loan and the value of your vehicle, GAP will help pay the difference based on the terms of your member agreement. The Plus part can help reduce your next loan, making it easier to get the replacement vehicle you’ll need. 

You can cancel within 90 days for a full refund. Talk to your Loan Officer to get started.

Why It’s Valuable:

New and used vehicles often depreciate rapidly, and with vehicle loan terms becoming longer, there may be a point where you owe more than your vehicle is worth. Yikes! But that’s where MEMBER’S CHOICE GAP Plus can help. If your vehicle is stolen or totaled in an accident, GAP Plus will help cover the difference between the primary insurance settlement and what you still owe. MEMBER’S CHOICE Guaranteed Asset Protection Plus keeps you prepared for the unexpected.