We Have Your Back
Valued Member, let us cover the GAP for you.
Add Guaranteed Asset Protection (GAP) coverage to your new vehicle purchase and have peace of mind knowing that you'll be protected in the event your auto is declared a total loss or stolen, and the insurance payout is less than what's still owed on your loan. See all coverage options below.
Fill out the form and our team can give you a quote for your auto loan GAP coverage.
TYPE OF COVERAGE:
Life of Loan Coverage on Installment Sales Contracts
INELIGIBLE COLLATERAL
- Commercial Vehicles
- Taxi Cabs, Limos, Bus, Postal, Ride Sharing, Law Enforcement
- Rental Vehicles
- Vehicles with “Salvage” or “Rebuilt” titles
MAXIMUM LOAN TERM
- 84 months – Autos, Motorcycles, ATVs, Jet Skis, Snowmobiles, Tractors, Equipment
- 180 months – Travel Trailers, Watercraft, RVs
MAXIMUM LIMIT OF LOAN AMOUNT
- $100,000 – new and used autos and light trucks
- $100,000 – Travel Trailers, Watercraft, RVs
- $50,000 – all other classes of collateral
MAXIMUM GAP LIABILITY
- $50,000 – new and used autos and light trucks
- $50,000 – All other classes of collateral
DEDUCTIBLE COVERAGE
- Up to $1,000 of borrower’s primary deductible. .
REPLACEMENT VEHICLE COVERAGE
GAP Plus with $0 Deficiency – Additional $1,000 benefit towards purchase of replacement collateral through Allegiance Credit Union in the event of a Total Loss or Unrecovered Theft of the covered vehicle.
You must file GAP Plus within 90 days of GAP settlement or date of loss
DELINQUENT AND DEFERRED PAYMENTS
Sixty (60) days Delinquent Payment coverage and six (6) deferred payments (Skip-a-Payments) equaling two (2) per year up to six (6) for life of loan.
COVERS UP TO
Maximum permissible lending to value on Private Passenger Vehicles is 125% and on All Other Collateral is 125% (MSRPNew/ NADA Retail-Used)
CANCELLATION PROVISION(S)
- Within 60 days of purchase – fully refundable
- Over 60 days – non-refundable
EXCLUSIONS
- Partial loss (must be a total loss)
- Loss due to fraudulent, deceptive, illegal or criminal acts
- Loss due to hostile or warlike actions or nuclear weapons