Guaranteed Asset Protection
Guaranteed Asset Protection (GAP) is like an airbag for your
vehicle loan.
During the first year or two of your vehicle loan payments it is likely that the amount you owe on your vehicle will exceed your vehicle's value. This value "gap" can cause you financial strain if your car is stolen or totaled. MEMBER’S CHOICE™ GAP Insurance helps you to "fill the value gap" by covering this difference.
Your purchase of MEMBERS CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your loan application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid.
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