Guaranteed Asset Protection (GAP)
Member's Choice GAP Protection
Without it you might have to pay thousands of dollars on a vehicle lost to theft or accident.
If the unthinkable happens to your car or truck:
If all goes well, the car or truck you're about to buy will be around for years. Unfortunately, things don't always go well. Your vehicle can be stolen or totaled in an accident. Consider these facts:
- Auto theft is an estimated $7.6 billion industry, with one theft occurring every 21 seconds according to the National Insurance Crime Bureau 1999.
- 200,000 stolen cars are not recovered yearly in the United States, for a 33% non-recovery rate. That number continues to rise. North American Export Committee 1999.
- An estimated 6,498,000 police-reported vehicle crashes occurred in 1998. National Automotive Sampling System 1998.
Underwritten by Hartford Insurance Company
Auto Insurance might not be enough.
If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss, your auto insurance will cover the replacement value. Nevertheless, you remain liable for payment of the difference between the insurance settlement and your loan balance. This deficiency can easily amount to thousands of dollars--money that comes out of your pocket for a vehicle that no longer exists.
Member's Choice GAP Protection.
An affordable way to fill the gap. For just a few dollars a month, you can protect yourself against this kind of unexpected expense. The benefits may include:
- Protection for the term of your loan up to 84 months.
- Coverage for vehicles valued up to $100,000 at time of purchase.
- Payment of benefits up to $50,000
- Includes coverage for auto insurance deductibles up to $1,000 if a gap exists.
- Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles.
- GAP Plus protection includes $1,000 down payment credit toward a replacement vehicle.
Fully refundable in the first 90 days.
Your Member's Choice GAP Protection payment is fully refundable if you cancel the coverage within the first 90 days. It's easy to get!
You can elect Member's Choice GAP Protection at the same time you apply for your vehicle loan. There's no underwriting--no hassles. It's that easy. And your Member's Choice GAP premium can be rolled into your monthly loan payment.
This is only a brief description of the coverage. Ask your Loan Officer for full details of how you can get this added protection. Also ask about our other loan protection offers.
