GAP (Guaranteed Asset Protection)

Purchasing a vehicle is an important decision and major investment. Did you know that if your vehicle were to be totaled or stolen, your insurance company might not pay off the entire loan balance?

In the event of theft or total loss of your vehicle, most insurance companies only pay the cash value of the vehicle at the time of the loss. In today’s automobile market, a vehicle begins to depreciate the minute it is purchased. Because of this, a vehicle’s outstanding loan balance is frequently higher than its actual cash value, especially during the first few years of the loan. Your remaining loan balance could be much greater than the cash value of your vehicle, creating a deficiency that you’re liable for! What is the “GAP” on your vehicle? You may be surprised at the answer!

Would you be able to pay off your loan or continue making monthly loan payments if your vehicle is deemed a total loss by your auto insurance policy and the settlement does not pay off your auto loan?

Here’s how GAP works. Let’s say after one year, the vehicle you purchased for $25,000 is now valued at just $16,000, but you still owe $20,000 when it is involved in an accident and your insurance carrier deems it a Total Loss. Most insurance policies will only reimburse you for the “Actual Cash Value (ACV)” of your vehicle, $16,000 in this case, leaving you with a large loan balance and no vehicle.  Here is an example of what you would owe without GAP;

  • Amount you owe on your auto loan = $20,000
  • Your Insurance Company “ACV” = $16,000
  • Your Insurance Deductible =      $500
  • Amount Paid by your Insurance = $15,500

Remaining loan balance or GAP              =   $4,500

GAP…For Affordable Peace of Mind**.  For more information, please contact the one of our loan officers.

 

**This is general information only. Please refer to your actual GAP Waiver Addendum (GAP) for terms, conditions, coverage, limitations, and restrictions. GAP is not an insurance policy and does not replace or eliminate the need for vehicle insurance coverage. GAP is designed to “help” reduce the difference between your primary carrier insurance settlement and the loan balance at the date of loss.  However, there are exclusions and limitations for items like delinquent payments, late charges, refundable items and financing more than the allowable Loan to Value (LTV%) limit that could leave you responsible for a loan balance after the GAP benefit is applied to your loan.  You may cancel GAP during the first 60 Days and receive a full refund of any fee paid.  GAP is non-refundable in most states after the first 60 Days.

Route 66 Extended Warranty

  • Route 66 Coverage Benefits:
    • $0 Deductible on ALL plans
    • 30 day “free look” – cancel for any reason within the first 30 days and receive a full refund
    • Emergency Roadside Service (up to $50 per incident): towing, lock-out service, jump start & fuel delivery
    • Rental Car Allowance (Easy Street-$50 per day, Main Street/First Street-$40 per day)
    • Open Enrollment-coverage at any time!
    • Battery Coverage (Easy/Main Street Plans)
    • Competitive Rates!
    • And SO MUCH MORE!

We can establish the best plan for your needs in minutes! All we need is your car’s mileage & VIN to get a quote or to register a policy.
Call the credit union for more information or a brochure! 719-542-3379 in Pueblo or 719-784-0600 in Florence.

Loans & Credit

  • Online Loan Payments
  • Mortgage Loans
  • New & Used Vehicle Loans
  • GAP Insurance
  • Route 66 Extended Warranty
  • Motorcycle and Recreational Vehicle Loan
  • Full Share-Secured Loan
  • VISA Credit Card
  • VISA Cash Advance
  • Signature Loans
  • Small Business Loan
  • Sallie Mae Student Loans
  • Credit Report Information
  • Loans – Young Adults
  • Second Chance/Credit Builder Loans
  • AskAuto App

Credit Report Information

Your Credit Report really makes a difference!

If it’s been awhile since you checked what’s contained in your credit report, it
makes sense to look it over. Members living in Colorado, Georgia, Massachusetts, Maryland, New Jersey, and Vermont are entitled to one free credit report each year from each of the Credit Reporting Agencies (CRAs). Members in other states who have been denied credit, employment, insurance or rental housing based on information on their credit report, or who certify in writing that they suspect their credit report may contain fraudulent information are also able to obtain a credit report at no charge.

The easiest way to get your free annual credit report(s):
Click on over to AnnualCreditReport.com. All three CRAs are linked from this site.
Do not confuse this site with FreeCreditReport.com, which, while it does make it
possible to get your credit report free of charge, is primarily a for-profit site that will encourage you to pay for extra services.

How to contact the three Credit Reporting Agencies individually:
(The Credit Union does not guarantee the accuracy of the information provided
below.)

EQUIFAX
Call 1-800-997-2493
Web: http://www.equifax.com/
Mail: Equifax Information Service Center
PO Box 740241
Atlanta, GA 30374-0241

EXPERIAN
Call 1-888-397-3742
Web: http://www.experian.com/
Mail: Experian National Consumer Assistance Center
PO Box 9595
Allen, TX 75013-0036

TRANSUNION
Call 1-800-888-4213
Web: http://www.transunion.com/
Mail: Trans Union LLC
Consumer Disclosure Center
Springfield, PA 19064-0390