Guaranteed Asset Protection (GAP)

In the event your vehicle is deemed a total loss due to an accident or theft, your auto insurance policy will usually cover only the actual cash value or market value of your vehicle less a deductible. This settlement could be significantly less than the amount you owe to your lender or leasing company. The final result is a financial GAP where you must make up the difference, which could mean thousands of dollars out of your pocket.

How Does GAP Work?

The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to a maximum of 115% loan-to-value (LTV). GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. Not available in NY or AK.  

Loan Balance 

$18,000 

Insurance  Settlement 

$15,000 

GAP covers 

$3,000 

What is Guaranteed Asset Protection?

GAP is a voluntary, non-insurance product designed to waive the remaining loan balance not covered by the borrower’s primary insurance carrier settlement in the event of a total loss or unrecovered theft, subject to limitations and exclusions, including, but not limited to, loan-to-value (LTV) maximum, delinquent payments, late charges, refundable service warranty contracts, and other insurance-related charges. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed or leased with our financial institution! 

GAP Keeps You in the Driver Seat

The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance.

Find the value of your current vehicle

Please contact us for more information at 912-427-8924.

Altamaha Federal Credit Union Routing Number: 261272839
NMLS #804823 | This Credit Union is federally insured by the
National Credit Union Administration
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