The GAP (Guaranteed Asset Protection) program provides comprehensive coverage for members and the credit union. It helps your members bridge the “gap” between the amount they owe on the loan and the amount the automobile insurance company pays if their vehicle becomes totaled or stolen.  It also helps the credit union protect its auto loans from the risks of deficiency balances after total loss and to earn more non-interest income.

 

Key Benefits of our GAP Programs

  • Up to 96-month loan financing
  • Up to 150% LTV (Loan to Value)
  • Up to $1000 Plus Benefit to your member should they total their vehicle and refinance with you
  • Covers any type of Debt rolled into the vehicle loan
  • 2 Late Payments and 2 Skip Payments are standard
  • 365 Day Claim Filing Period
  • Streamlined product offering platform
  • Web Platform integration with many core providers
    • Integration with Opening Act / Meridian Link
    • Integration with several VSC programs
    • Integration with both D/P and Credit insurance programs

 

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