GAP stands for Guaranteed Auto Protection. Nobody wants to lose their vehicle and then find out they still owe money after auto insurance pays out. This is where GAP comes in. It offers protection against financial liability for individuals who finance a new or used vehicle. GAP protects against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered. It covers the difference between the market value of your vehicle and the loan balance, as they are most commonly not the same amount.
With many used vehicles, warranties are no longer offered through the manufacturer because they are outside of the covered mileage and/or years. Get peace of mind and protection against expensive, unexpected automotive repair costs with an Extended Warranty.
When you cannot work, there is plenty to stress about. Don’t let paying for your vehicle be one of them. In the event that you become disabled or are unable to work, Payment Protection will reimburse you for your loan payments until you are able to work again.
Additional payment protection offerings on our loans include credit life insurance and credit disability insurance offered through CUNA Mutual Insurance Company. Credit life insurance gives protection for a loan to be paid off in the event of death. Credit disability insurance will reimburse you for your loan payment if you are sick or injured and unable to work. A 14-day elimination period applies, and you must provide medical documentation in order to receive claim payment.
In addition to our extremely low rates and great customer service, Lowland Credit Union is proud to offer these vehicle add-ons to protect you and your investment should the need arise.
Looking to purchase a new or used vehicle? Start at Lowland Credit Union! We are here for you through the entire car-buying process from preapproval to extended warranties.