Guaranteed Asset Protection (GAP)

Don’t let a wrecked vehicle wreck your finances.

Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot.1 This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan.

Contact us today to learn more about adding GAP to your vehicle loan so you can worry less about tomorrow

  • Available for a one-time fee of $449 for auto, truck, van, and motorcycle loans
  • Cost of insurance can be added to your loan amount
  • Can be purchased before, during, or after your loan is funded

Call us at 845.463.3011 or stop by any of our branches to arrange for GAP

Protect Yourself When Auto Insurance Can't

The value of any vehicle declines rapidly during the first few years of ownership as a result of depreciation. In the event of an accident or theft, the average new car buyer could still owe thousands after an insurance settlement. You may not realize it, but even the best insurance will likely not cover the full amount of your outstanding loan balance.

  • GAP can be purchased for vehicles up to $100,000 in value and affords you $50,000 of coverage for out-of-pocket expenses.
  • Up to 90 days after purchase to cancel with full refund.1
  • GAP coverage is underwritten by CUMIS Insurance Society, an “A”- rated insurance carrier.
  • While GAP protects you against out-of-pocket expenses, New York State law does not permit GAP coverage of the deductible on your primary insurance policy.
  • Non-protected advances are also excluded. Your GAP contract will list the full exclusions.

We Are Here To Help

Important Legal Disclosure & Information

Car Depreciation: How Much Value Will a New Car Lose? CARFAXTM , Nov 9, 2018. Your purchase of MEMBER’S CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your 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 purchased from state chartered credit unions in FL, GA, IA, IN, 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 purchased 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. 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. GAP-2453288.1-0319-0421 © CUNA Mutual Group, 2019. All Rights Reserved.