Guaranteed Asset Protection

If Your Vehicle Were Totaled Or Stolen, Would You Be Covered?

That new vehicle may be your pride and joy, but unless you’ve bought an exceptionally in-demand model, a new vehicle typically loses about 20% of its original value as soon as you take delivery. Keep in mind that doesn’t change the balance you owe on your vehicle loan.

For the time being, you have what’s called negative equity; meaning, you owe more on your loan than your vehicle is actually worth. In a few years, the balance on your loan and the vehicle’s value will even out. At that point, if your vehicle is totaled or stolen, your primary insurance will probably cover about what you owe.

MEMBER’S CHOICE™ Guaranteed Asset Protection Can Help Cover The Gap

Protect Yourself From A Potential Loss Of Thousands Of Dollars.

Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply.

Yellow umbrella surrounded by white umbrellas

Features

  • With GAP, you gain deductible assistance. It reimburses your deductible when a comprehensive or collision claim is paid through your insurance carrier, and a deductible is incurred (up to $1,000).
  • Both new and used vehicles depreciate quickly. The average is 20% in the first year. And people are extending their loan terms to lower their payments, which means they have negative equity risk even longer. A recent poll shows that drivers intend to keep their vehicles for ten years or more.*
  • You can deflect some of this risk by adding MEMBER’S CHOICE™ GAP to your vehicle loan. If your vehicle is stolen or totaled, GAP will help cancel the difference between the primary insurance settlement and what you may still owe. That could be a big relief if you need to come up with a down payment and replace a stolen or totaled vehicle immediately.
  • With the rising cost of vehicles, fast depreciation and longer vehicle loan terms, MEMBER’S CHOICE™ GAP may be a smart option to add, helping to cover the negative equity gap. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP.

Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) or Contact Us to request additional information or a complimentary quote right now.

This site uses cookies to provide information that will help us give you the best experience of our site, products and services.
You can learn more at our Privacy Policy page.
Live Chat