Guaranteed Asset Protection
Essential protection for your vehicle loan – and your finances
Don’t let a total loss become a financial loss, learn more about Guaranteed Asset Protection.
If your vehicle is deemed a total loss due to an accident or theft, your insurance might not cover your vehicle loan, leaving you with unexpected expenses. But we can help. Our Guaranteed Asset Protection program may reduce or eliminate the gap between what your vehicle insurance will cover and what you still owe on your loan.
Essential financial protection on your vehicle loan that helps you drive with confidence. Talk to one of our friendly account servicing reps today about how we can help protect you from sudden out-of-pocket expenses with Guaranteed Asset Protection. Call for details at 724-284-2020, option 8.
How GAP Coverage Helps You
Auto and RV dealers also offer GAP, but at a substantially greater cost than Armco CU. It’s never too late to add GAP coverage to your existing Armco CU vehicle loan. Please contact Account Servicing for more information on this low cost coverage.
|Original purchase price||$25,000|
|Loan balance after one year||$21,000|
|Vehicle’s value as determined by your insurance company||$16,000|
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.
GAP purchase from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee.
GAP purchase from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee.
GAP purchase from state chartered credit unions in IN may be without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee.
Unique ID & Copyright
GAP-3415626.1-0121-0423 CUNA Mutual Group ©2021, All Rights Reserved.