GAP is an auto loan debt cancellation waiver that protects you financially if your vehicle is totaled or stolen, and you owe more on the vehicle than your insurance will pay. It’s affordable coverage for any member, that ensures a misfortune with your vehicle doesn’t require a fortune out of your pocket.
- An optional and inexpensive benefit that you may add to your collateralized loans
- GAP coverage goes into effect when your vehicle is stolen and isn’t recovered, or is totaled in an accident and cannot be repaired
- GAP covers the difference between your primary carrier insurance settlement and the payoff of your loan
- UNITE Credit Union’s GAP coverage will pay an additional $1,000 toward the purchase of a replacement vehicle if you finance the vehicle with us
- UNITE Credit Union charges a onetime fee of $430 for GAP regardless of the vehicles’ age or price, which is substantially lower than dealerships and other financial institutions
- GAP is available on most titled vehicle loans and can be purchased at the time the loan is made or up to 18 months after
Call UNITE Credit Union at 319-273-2479 for more information about our GAP coverage.