Most insurance policies only cover the value of the vehicle, something that rapidly declines during the first years of ownership. If your vehicle, boat, motorcycle, or RV is stolen or involved in a major accident, you could lose your investment.
Guaranteed Asset Protection (GAP) is a non-insurance product and is made available via a loan/lease deficiency waiver that covers the "gap" between the vehicle's value and the amount you still owe. Essentially, 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 charges, less your deductible. This is an optional product offering from CFCU.
Don't owe on your loan after an accident, have it covered with our GAP product.
Borrower Security - Protect your family against the unexpected.
Life can be wonderful. But it also can get complicated when unexpected things happen. Protecting your loan payments against death, disability, or involuntary unemployment could help protect your finances.
This protection could cancel you loan balance or payments up to the contract maximums. Protect your loan payments today so you can worry a little less about tomorrow. Purchasing protection is voluntary and won't affect your loan approval. It's simple to apply. Ask your loan officer about eligibility, conditions, or exclusions*
*Refer to member agreement for a full explanation of terms and conditions.