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GAP

Guaranteed Asset Protection

Should your vehicle be deemed a total loss due to an accident or being stolen, GAP may reduce or eliminate the shortfall between what you owe on your loan versus that your insurance company will cover.

GAP Plus may help reduce your next loan at ICCU if you finance your next vehicle purchase within 120-days of your primary insurance company issuing a settlement check for the previous vehicle loan.

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The product is loan specific. It cannot be purchased to cover/protect a loan for which the credit union not the lien holder to nor a loan for which the asset is not the collateral to.

A feature is that there is a 90-day trial period i.e. a free look period. Borrower has 90 days from the date of enrollment to cancel the protection and receive a free refund with no cancellation fee (refund is credited back to the loan if there is an outstanding loan balance). After 90 days, no refund available to the borrower.

Eligible Assets:

  • Private passenger cars, light trucks, & vans 20 model years or newer.
  • New & Used Motorcycles, ATV, Snowmobiles, & Personal Watercraft (i.e. jet ski).
  • New & Used Watercraft including Inboards, Outboards, Inflatables, Jet Drives, Houseboats, Sailboats, & Stern Drives.  
  • New & Used RVs including Conventional trailers, Fifth wheel, Travel trailer, Folding camping trailer, Truck camper units, and A, B, & C motor homes.

Note: all of the above to be used for Personal use.

Your purchase of MEMBERS CHOICETM Guaranteed Asset Protection (GAP), which includes deductible assistance, is optional and will not affect your loan 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 purchase 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 nonrefundable 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 purchase 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 purchase from state chartered credit unions in IN may be 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-3395224.1-0121-0423 CUNA Mutual Group ©2021, All Rights Reserved.