GAP, or Guaranteed Auto Protection, offers protection against financial liability for individuals who finance a new or used vehicle. GAP protects against financial loss in the event that your vehicle is damaged beyond repair (totaled) or stolen and never recovered. With GAP, the covered deficiency balance is then waived.

What Does GAP cover?
In today's automobile market, during the first few years that you own your vehicle, your loan balance can be higher than the actual value of your car, as a result of depreciation. As you car's value declines, your loan balance can be significantly higher. If your car were stolen, or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan balance.

GAP covers the difference between the market value of your vehicle and the loan balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. In the event a deficiency exists, our programs will cover your insurance deductible, up to $1,000.

For further information please contact the credit union and ask for someone in the Loan Department.

• Vehicle Extended Service Contracts

Without “VisualGAP” protection, you might have to pay thousands of dollars on a vehicle lost to theft or accident.

If the Unthinkable Happens to Your Car or Truck.
If all goes well, the car or truck you're about to buy will be around for years. Unfortunately, things don't always go well. Your vehicle can be stolen or totaled in accident. Consider these facts:

• Auto theft is an estimated $7.9 billion industry, with one theft occurring every 26.4 seconds.
• 200,000 stolen cars are not recovered yearly in the United States, for a 33% non-recovery rate. That number continues to rise.
• 1.2 million vehicles were stolen in 2008.
  

Auto Insurance Might Not Be Enough.

If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss, your auto insurance will cover the replacement value.  Nevertheless, you remain liable for payment of the difference between the insurance settlement and your loan balance.

This deficiency can easily amount to thousands of dollars - money that comes out of your pocket, for a vehicle that no longer exists.

VisualGAP Protection - An Affordable Way to Fill the Gap!

For just a few dollars a month, you can protect yourself against this kind of unexpected expense. The benefits may include:

• Protection for the term of your loan up to 84 months.
• Coverage for vehicles valued up to $100,000 at time of purchase.
• Payment of benefits up to $50,000.
• Coverage deductibles up to $1000.
• Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles.

Fully Refundable in the First 60 Days.

Your VisualGAP Protection payment is fully refundable if you cancel the coverage within the first 60 days.

It's Easy to Get.

You can elect VisualGAP protection at the same time you apply for your vehicle loan. There's no underwriting - no hassles. It's that easy. And your VisualGAP premium can be rolled into your monthly loan payment.

This is only a brief description of the coverage. Refer to the VisualGAP waiver form for complete details, including any limitations of benefits. Your CommonWealth Credit Union loan representative can give you more information about it.


Ask about VisualGAP protection when you're asking about a vehicle loan!