Mind the GAP There can be a big difference between what your insurance company will pay and what you owe on your auto loan when unforeseen events cause damage or destroy your vehicle. Enter MEMBER’S CHOICE Guaranteed Asset Protection (GAP) - there to cover the difference between what you owe and what your primary policy will cover. Most cars depreciate by thousands of dollars as soon as you drive off the lot. If your new car is stolen, accidentally damaged beyond repair, or otherwise declared a total loss, you are still liable to pay the difference. That can amount to thousands of dollars, especially in the early years of your loan. And that’s money that will come out of your pocket- for a vehicle that, for all practical purposes, no longer exists. Be sure to ask your loan representative if GAP insurance coverage makes sense for you. This e-mail address is being protected from spam bots, you need JavaScript enabled to view it today for current loan rates and ask about GAP coverage for your next vehicle loan. |
