Insurance settlements may not always cover your vehicle loss. What can you do?
What is GAP (Guaranteed Asset Protection)
If a vehicle is totaled or stolen, the borrower's primary insurance company settlement can be significantly less than the outstanding loan balance. This may create a deficiency balance or a 'gap' resulting in a serious financial hardship for the borrower. The 'gap' may even jeopardize repayment of the loan. GAP is designed to relieve the borrower of the responsibility for the remainder of the loan balance that the primary insurance carrier does not cover.
Interested in GAP protection on your Auto Loan? Contact Us.
Borrower Benefits
Low Cost Protection
Low cost protection with a 60 day free look
Out-of-Pocket Expense
Eliminates the out-of-pocket expense for the remaining loan balance after loss settlement
Avoid Financial Hardship
Helps the borrower avoid financial hardship and afford a replacement vehicle
Deficiency Prevention
Prevents deficiency balance from being added to a new loan
Credit Rating Protection
Helps protect the borrower's credit rating
GAP
Ask about GAP with your next vehicle loan at IFCU!