Day: August 18, 2023

GAP coverage provides members with financial relief if their car is totaled or depreciates below loan value by covering any difference between the primary insurance settlement and the payoff of their loan up to an agreed-upon maximum loan-to-value ratio.

Ask your credit union loan representative for details regarding GAP insurance or other loan protection products available; credit union membership is required!

Auto Deductible Reimbursement Coverage

GAP (Guaranteed Asset Protection) protects you against the difference between the actual value of your car and what you owe on the loan should its value decrease rapidly or when financing or leasing for an extended period. It can prove invaluable when financing or leasing for long periods.

GAP Plus can also provide financial relief if the costs of your auto repairs surpass your deductible amount, which will be applied towards your loan, reducing your debt. This service is available on financed vehicles with loan terms of up to 84 months.

The purchase of GAP insurance is optional and won’t affect either your application for credit or the terms and conditions of any loans with our Credit Union. Before purchasing GAP coverage, please be aware of any eligibility requirements, conditions, or exclusions.

Members who purchase MEMBERS CHOICE GAP and MRC automatically qualify for up to $1,000 of TruStage Accidental Death and Dismemberment Insurance Coverage through CMFG Life Insurance Company, providing cash benefits if either themselves or an insured dependent is killed or injured while driving a financed or leased vehicle financed or rented from them. This coverage goes above and beyond what their car’s manufacturer offers.

Mechanical Repair Coverage

Your car’s manufacturer warranty has expired and requires expensive repairs. Mechanical Breakdown Coverage, more commonly referred to as “MRC,” steps in where your factory warranty leaves off to help limit out-of-pocket expenses.

Whether it’s an auto loan or lease agreement, GAP and MRC could save you thousands. Get your quote now!

Members ChoiceTM Guaranteed Asset Protection (GAP) is an optional credit union service and should not be required as a condition of loan approval. Your purchase of GAP is entirely voluntary and won’t impact either your application for credit or existing agreements in any way. However, specific eligibility requirements, conditions, and exclusions apply; please refer to your contract for more details before purchasing. A refundable fee may also apply; in such cases, you can cancel within 90 days for a full refund (products are not available everywhere). (Products are not available everywhere.)

Tire and Rim Coverage

Ventura and Santa Barbara counties’ roads can take their toll on your car’s tires and wheels, and this optional plan offers comprehensive protection from road hazards, such as tire replacement and repair coverage, with no deductible.

GAP insurance protects your investment by covering the difference between what your primary insurer settles and your loan or lease balance (up to a specified loan-to-value percentage), potentially saving you thousands if your vehicle is stolen or totaled in an accident.

Auto protection goes beyond GAP extended warranty plans; it can also include features …