GAP Advantage Did you know that if your vehicle is stolen or totaled, your insurance company may not pay your vehicle loan in full?   Insurance companies pay on the value of a vehicle, not the loan balance. Now you can protect yourself with Guaranteed Asset Protection (GAP). GAP is a non-insurance product that covers the "GAP" between the vehicle's value and the amount you still owe. How does it work? Here is an example: Your vehicle is "totaled" in an accident and you still owe $18,000 on your car loan. Your insurance company tells you that the used book value of your vehicle is $14,000 and offers to settle for that amount. The deductible on your insurance policy is $250. The check that you receive from the insurance company is $13,750 ($14,000 - $250). The check that you receive from the insurance company is payable to you and the institution that made the car loan. You need to come up with $4,250 to pay the car loan off. Good News! You have GAP coverage. You receive the $4,250 that you need to pay off your loan and an ADDITIONAL $1,000 toward your next vehicle purchase! The Credit Union offers this product for only $250 with Credit Union financing. Dealerships sell this product for much more... usually more than $500!