GAP Coverage - Concho Educators FCU

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Guaranteed Asset Protection (GAP)

Protect Your Vehicle Investment,
Not Just Its Value.

You could lose more that your vehicle, boat,  motorcycle, or RV if it is stolen or involved in a major accident. You  could lose your investment. Because most insurance policies only cover  the value of your vehicle - something that rapidly declines during the  first few years of ownership - your loan or lease balance could be  higher than the value of your vehicle.

Now you can protect your vehicle, boat motorcycle,  or RV investment with Guaranteed Asset Protection (GAP). GAP is a  non-insurance product and is made available via a loan/lease deficiency  waiver that covers teh "gap" between the vehicle's value and the amount  you stil owe. Essentially, GAP protects you and your entire investment  from substantial loss.


What Does GAP Cover?

GAP was designed for all drivers, whether you  finance or lease a new or used vehicle. Automobiles, vans, light trucks,  motorcycles, boats, travel trailers, motor homes, golf carts, jet skis,  snowmobiles, and almost any other vehicle* are eligible. GAP protection  goes into effect when you need it most - when your vehicle is stolen  and isn't recovered, or is totaled in an accident and can't be repaired.

GAP covers the difference between your primary  carrier's insurance settlement and the payoff of your loan or lease,  less delinquent payments, late charges, refundable service warranty  contracts, and other insurance related chargees. Included in this  difference is your insuarnce deductible, which is limited to $1,000.**

*Please consult your finacial representative to determine if all of these collateral types are eligible for GAP protection.



You Stay In The Driver's Seat.

The following is a typical example of how GAP comes through for you:

Original purchase value ................................................   $25,000
Loan balance after one year .........................................   $20,000
Insurance settlement covering vehicle's current value ....   $16,000


GAP pays the following toward the financing or leasing of a replacement vehicle:

GAP pays the difference ...............................................    $4,000

(Including your deductible, up to $1,000)**


Total GAP Benefit ...................................................   $4,000





**Deductible coverage is available in most, but not all states. Please consult your financing representative for the availavility of thie benefit.

Please consult with one of our loan officers to find out more information regarding this service.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency.We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. NMLS#716532
Copyright © 2017 Concho Educators Federal Credit Union. All Rights Reserved.
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About Us
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
National Credit Union Administration
Equal Housing Lender
National Credit Union Administration
Equal Housing Lender
Concho Educators
ACH Routing # 311387865
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