GAP Insurance

Don’t let a wrecked vehicle wreck your finances.

Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot.* This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan.

Contact us today to learn more about adding GAP to your vehicle loan so you can worry less about tomorrow.

Disclosure and S​ource:
*Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov 9, 2018.

Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee.

GAP-2453288.1-0319-0421 © CUNA Mutual Group, 2019. All Rights Reserved.

Your Safeguard Against the Unexpected

Do everything you can to take care of the ones you love.

Your family means everything to you. And if the unexpected happens, you don’t want an emotionally trying situation to be compounded by financial worry. That’s why there’s Debt Protection, which may cancel your loan balance or payments in case of:
• Involuntary unemployment - a covered job loss occurs
• Disability - a covered disability occurs due to illness or injury
• Death - protected borrower passes away

Life Plus
For additional protections, Life Plus can extend your Debt Protection to address a wide range of circumstances, giving you the reassurance of knowing you’ve taken steps to help secure your finances.
• Accidental dismemberment
• Terminal illness
• Hospitalization or family medical leave
• Death of a non-protected dependent

Take an important step toward financial security. Ask your loan officer about Debt Protection today. You can also review this brochure to get additional information.

Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Debt Protection. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.

Disclosure:
Your purchase of Debt Protection 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 Debt Protection. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.

loan@arcfcu.org

(814)946-0857 opt.4

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DP-3395015.1-0121-0423 CUNA Mutual Group ©2021, All Rights Reserved