When you’re in the market for a new or used vehicle, think of us first. Armco CU has some of the best rates you’ll find for your next auto loan.
We can even take your application over the phone.
- Purchases and refinances
- Up to 100% financing
- 2 hour approvals
- Guaranteed Asset Protection (GAP)
We can also provide pre-approvals so you know how much you can afford to spend.
What is GAP?
Have you ever owed more on your vehicle than what it’s worth? If the answer is yes, consider GAP coverage from Armco CU.
You could lose more than your automobile, boat, motorcycle, or RV if it is stolen or involved in a major accident. Most insurance policies only cover the value of your vehicle – something that rapidly declines during the first few years of ownership – and as a result, your loan balance could be higher than the value of your vehicle. However, you would be obligated to pay the balance of your loan.
Now you can protect yourself in this situation with GAP, Guaranteed Asset Protection. GAP is a non-insurance product that covers the “gap” between the vehicle’s value and the amount you still owe. Essentially, GAP protects you from substantial loss.
Auto and RV dealers offer GAP coverage as well, but at a substantially greater cost than your Credit Union.
It’s never too late to add GAP coverage to your existing Armco CU vehicle loan. Please call our office for more information on this low cost coverage.
|How GAP Coverage Helps You|
|Original purchase price ………………||$25,000|
|Loan balance after one year ………..||$21,000|
|Vehicle’s value as determined
by your insurance company ………..
|GAP Coverage ………..||$5,000|
*APR = Annual Percentage Rate. The monthly payment for a $25,000 auto loan with a term of 36 months at 2.50% APR is $577.62. The monthly payment for a $25,000 auto loan with a term of 60 months at 2.75% APR is $357.43. Other rates and terms available
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