Example: Based on a sale price of $18,000, after one year the value of your vehicle could be $11,000. The amount you still owe on your loan would be $15,000. That leaves a gap of $4,000 between what you owe and the actual value of your vehicle as assessed by your insurance company.
GAP pays for your auto insurance deductible (up to $1,000) and the deficiency between the value of your car and the loan payoff – a total of $5,000 in this example. With GAP Protection, you would owe nothing to the Credit Union.
The information in the above example is for illustrative purposes only. The actual GAP payment in relation to the value of a particular vehicle may vary. The information above is intended as an outline of GECU’s GAP program. For exact coverage, exclusions and limitations, please consult your actual GAP agreement or waiver. GAP is NOT offered as auto insurance coverage, it is only a protection plan to cover your outstanding loan balance if your car were stolen or damaged beyond repair. The purchase of GAP is voluntary and cannot be required as a condition of loan approval.
