In the event of a total loss or unrecovered theft, your insurance company will only pay the actual cash value of your vehicle. Most likely, this amount will be significantly lower than what you still owe on the vehicle. That means you'll be responsible for the remaining balance of your loan and your insurance policy deductible.
GAP protection takes care of that by paying the difference between the insurance company's settlement and your loan balance. GAP protection also pays your insurance company's deductible up to your policy maximum. That's a lot of protection for a small cost.
Make sure you protect your automotive investment. Get GAP protection with your next auto loan!
Auto Advantage Program
A benefit provided to the borrower on behalf of People First FCU when a GAP policy is purchased. Auto Deductible Reimbursement (ADR) is the primary benefit included in the Auto Advantage Program, it is an individual member benefit that reimburses the deductible for any loss covered by the borrower's auto insurance policy for ALL passenger vehicles owned (i.e. titled or registered) AND insured (i.e. Named Insured) by the enrolled member.
See our Frequently Asked Questions page for more details.
Credit Life Insurance is a low-cost, voluntary coverage that will make your monthly loan payments up to the policy maximum if you or your covered joint borrower dies.
Credit Disability Insurance is a low-cost, voluntary coverage that will make your monthly loan payments up to the policy maximum should you become disabled.
GAP is underwritten by Balboa and can be purchased at the time of loan closing. Some conditions may apply. To sign up for GAP after loan closing, contact People First FCU. GAP Protection is not insurance.