Guaranteed Asset Protection (GAP) Advantage with PowerBuy™ Overview
Did you know that if your new vehicle is totaled, or stolen and not recovered, your insurance may not pay off the total amount owed? In most cases, your insurance will fall short of covering the full balance of your auto loan at the time of loss, leaving a substantial amount of the loan balance for you to cover. GAP Advantage with PowerBuy™ may pay up to the remaining balance of your auto loan after an insurance payout and provide you with additional funds to finance your next vehicle with us.
You need more than insurance to protect your investment
In fact, if the average new car buyer has their vehicle declared a total loss because it was stolen and not recovered, or damaged beyond repair, they could still owe thousands of dollars after the insurance settlement.
Protect your investment with GAP Advantage with PowerBuy*
GAP makes up the difference between what insurance covers and the amount you owe in most cases. So, instead of paying off a substantial loan balance before you can even think about shopping for a new vehicle, you could be free and clear.
As added benefits, GAP Advantage will help you get back on the road more quickly by providing a $1,000 allowance to finance a replacement vehicle with us. In addition to the Advantage benefit, the PowerBuy benefit may provide additional funds towards the new vehicle loan based on the calculated depreciation of your totaled vehicle from the time of purchase and after the insurance settlement. By adding GAP advantage with PowerBuy, you put yourself in a better financial position in time of need.
The purchase of GAP is optional. Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credit agreement you have with our institution.
Federally Insured by NCUA. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.