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GAPWise Insurance

Your CAR Insurance Doesn't Cover Everything...
If you think your auto insurance covers you financially...think again. In the event your vehicle is deemed a total loss due to an accident or theft, your insurance policy will usually only cover the actual cash or market value of your vehicle. This amount could be significantly less than the amount you own to your lender or leasing company. The result is a financial gap (GAP) where you must make up the difference, which could mean thousands of dollars out of your pocket.

GAPWisesm* Covers the Difference
You can avoid this potentially serious loss by asking your lender or dealer for GAPWisesm* Guaranteed Auto Protection, that can ease the financial burden associated with the loss of your vehicle.

*This illustration may vary based on rate, model, term and down-payment.

How GAP Works:

Loan Amount: $25.000  •  Term: 60 Months  •  Loss Date: 36 Months

Loan/Lease Payoff $15,000
Insurance Settlement* $12,000
GAP ($3,000)
Insurance Deductible ($500)
GAPWisesm* Payment to Lender $3,500
Out-of-Pocket Expense with GAPWisesm* $0.00
*Actual Cash Value of Vehicle.  

General Description of GAPWisesm*

  • GAPWisesm* protection is available for vehicles up to $100,000 (MSRP/NADA)
  • GAPWisesm* will waive GAP amounts up to $50,000.
  • Deductible up to $1,000 are covered.
  • GAPWisesm* is available for new or used vehicles.
  • GAPWisesm* is available on loans and leases.
  • Cost is pennies a day.

How to Protect Your Investment
Simply agree with your lender to waive your responsibility for the GAP amount by purchasing a GAPWisesm* Addendum.

This agreement between you and your lender or leasing company will waive the difference between your outstanding loan or lease balance and the greater of your primary insurance settlement or the actual cash value of a covered vehicle on the data of loss.

Peace of Mind
With GAPWisesm* you receive the peace of mind that the financial GAP is protected. So before you drive your car off the lot, ask yourself: Can I afford not to have GAPWisesm* protection?

*Program vary by lender/dealer and state, refer to your GAPWisesm* addendum for all terms and conditions.

  This credit union is federally insured by the National Credit Union Administration.
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