GAP Plus – Guaranteed Asset Protection Plus Insurance
What is Guaranteed Asset Protection Plus (GAP Plus)?
Guaranteed Asset Protection Plus is a way to help protect your vehicle loan.
How does it work?
If there’s a difference between what you owe on your loan and the value of your vehicle, GAP Plus will help pay the difference based on the terms of your policy.
Why is it valuable?
Vehicles often depreciate rapidly and vehicle loan terms have typically been increasing in duration. GAP Plus will help cancel the difference between the primary insurance settlement and what you may still owe on your vehicle loan.
In addition, if your vehicle is stolen or totaled in an accident, it will cancel $1,000 of your next loan with your credit union, when you purchase a replacement vehicle within 60 days of your primary insurance settlement. GAP Plus helps you prepare for the unexpected.
Talk to one of our Team Member Service Representatives for more information. (734) 432-0212 Email: MemberService@mycvf.org
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection Plus (GAP Plus) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of GAP Plus. If you choose GAP Plus, adding the product fee to your loan amount will increase the cost of GAP Plus. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.