Loans » Auto Loans » Protect Your Assets
Auto Loans—Protect Your Assets
We offer two products to help safeguard your investment in the event of death, disability, or if your car is stolen or accidentally totaled. You can sign up for both of these when
you apply for your loan. If you need help deciding,
contact us to help you decide what is best for your situation.
Payment Protection
If your family would have difficulty making monthly payments in the event of a death or disability, consider adding Payment Protection.
GAP Coverage
GAP Calculator
GAP Coverage Example
| Original loan amount | $25,000 |
| Loan balance one year later | $20,000 |
| Vehicle's current value | $16,000 |
| GAP benefit | $4,000 |
The minute you drive away in your new vehicle, it depreciates and is worth less than the amount you owe on it. This is especially true for new cars. If your vehicle is stolen or totaled, its cash value can be thousands less than the amount you owe on the loan. You’ll pay out of pocket for the difference. For only a few dollars a month, GAP can save you from this unexpected expense.
GAP is a non-insurance waiver that covers that covers the “gap” between the vehicle’s value and the amount owed on the loan, not including delinquent payments, late charges and other insurance-related charges. It even covers up to $1,000 of your deductible.
Vehicles Covered
Coverage is available for both new and used vehicles, including all vehicle makes and models, plus recreational vehicles. It can be purchased any time. We recommend acquiring this protection within the first 18 months. Coverage is completely refundable if cancelled within the first 60 days.
Who Needs GAP?
Consider GAP if you financed more than 75% of your vehicle cost, or if a significant, unexpected expense would be difficult for you to pay. If you need help deciding, contact us.
Cost
Through UW Credit Union, you pay just $295 for GAP coverage. Roll the amount into your monthly payment to make this beneficial coverage affordable and easy.
