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Guaranteed Asset Protection (GAP) helps borrowers and lenders avoid financial loss by waiving all or a portion of the deficiency between a borrower’s payoff amount on their auto loan and the determined actual cash value of a vehicle in the event that a vehicle is totaled or stolen, up to a certain LTV maximum, less exclusions or limitations that may apply. This is a voluntary, non-insurance product.
GAP Advantage also provides you with a $1,000 credit toward the financing of a replacement vehicle financed with EECU.
The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement.*
| Your loan balance is: | $15,000 |
| Your insurance company settlement is: | $10,000 |
| — Based on your vehicle’s market value: | $11,000 |
| — Less your insurance deductible: | $1,000 |
| Loan balance remaining without protection: | $5,000 |
| Loan balance remaining with protection: | $0 |
| PLUS $1,000 credit toward the financing of your replacement vehicle! | |
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GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum.
When you purchase GAP from EECU, the primary borrower and/or co-borrower also receives Auto Advantage, which includes Auto Deductible Reimbursement (ADR) at no additional cost.
The covered borrower may be reimbursed their deductible for any loss covered by the borrower’s auto insurance policy for all their non-commercial passenger cars, trucks, or vans.
For more information on Guaranteed Asset Protection, visit any EECU branch or call our Member Service Center at 1-800-538-3328.
*GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum.
This is general information only. Please refer to your actual waiver certificate for terms, conditions, coverage, limitations, and restrictions. GAP does not replace or eliminate the need for vehicle insurance coverage.
GAP is provided by EECU. GAP is not an obligation of EECU or guaranteed by EECU, even though an EECU employee may assist you with GAP and EECU loan proceeds may be used to pay for GAP. Any disputes regarding the GAP waiver must be resolved between the EECU member and EECU and/or the GAP waiver carrier.
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