Don’t Get Stuck Making Payments on a Car You Can’t Drive!
How many times have you heard of someone’s car being totaled or stolen, and their insurance company refusing to pay off the loan balance?
It’s all too common nowadays, since many insurance companies only pay the “Actual Cash Value” of the vehicle. In most cases, this doesn’t equate to the loan balance, and the borrower is left paying the difference.
To protect members from this unpleasant situation, we’ve partnered with Cuna Mutual Group to offer an inexpensive solution. GAP Plus can help fill the gap between what your vehicle insurance will pay and what you owe on the loan. GAP Plus is like an airbag for your vehicle to help cushion against sudden, unexpected out-of-pocket expenses in the event your vehicle is totaled.
GAP Plus coverage also includes up to $1,000 toward your down payment of a replacement vehicle (where allowed by law and when financed by our credit union).
GAP Plus is offered to members for a low, one-time fee and is good for the life of your loan. And if for any reason you’re unsatisfied with this coverage, you can cancel the protection and receive a full refund during the first 90 days.
To make your decision even easier, we offer several payment options. You can add the premium to your auto loan (which will increase the payment accordingly), write us a check, or transfer the full amount from your savings or checking account.
For more information, contact our loan department at (361) 584-6246.