Insurance
GAP Protecting Your Automotive
Investment
Money One Federal Credit Union makes it easy
to pay off your car loan if your car is totaled
or stolen by offering Guaranteed Asset Protection
(GAP) with its auto loans.
GAP pays the difference between the actual cash value of your vehicle
and the outstanding loan value at the time of your loss. You are
also eligible for $1,000 toward the downpayment of a new vehicle
if it is financed at Money One.
Here’s an example of how GAP insurance could work for you:
| Loan balance after one year |
$15,000 |
| Value of car after one year |
$10,000 |
| Insurance settlement |
$10,000 |
| Deficiency balance |
$5,000 |
| GAP pays |
$5,000 |
| You owe | $0 |
Without GAP coverage, you’d be liable for the $5,000 deficiency
balance.
GAP insurance is available for new and used automobiles, vans, and light trucks,
including sport-utility vehicles. The low, one-time cost can be
added to your loan.
If you get GAP insurance and then, for whatever reason, decide
you want to cancel the policy, you can get a full refund within
the first 60 days that the policy is in effect.
GAP does not cover the following:
• Late charges or other fees added after the loan’s
inception
• The cost of the GAP waiver
• Credit insurance
• Service Warranty Contracts
Make sure you protect your automotive investment. Get GAP insurance
with your next auto loan!
|
