Guaranteed Asset Protection (GAP)
GAP offers peace of mind when buying a vehicle by offering protection in case of an accident. Our GAP policy will pay the difference between what is owed and what the insurance company reimburses, in the event of a total loss to a vehicle.
GAP Example:
| Original Purchase Price | $25,000 |
| Loan balance after one year | $21,000 |
| Vehicle's current value as determined by your insurance company | $16,000 |
| GAP pays the following toward the financing or leasing of a replacement vehicle | $5,000 |
| GAP pays the difference | $5,000 |
| (Including your deductible, up to $1,000)** | $5,000 |
| Total GAP Benefit | $5,000 |
GAP Benefits
- Covers up to 150% of the loan-to-value (policies issued prior to November 1, 2020 cover up to 125% loan-to-value)
- Eliminates risk of a financial loss
- Covers auto insurance deductible up to $1000
- Protects personal credit rating
- Low cost – one time fee that can be financed into the loan or paid up front
- Can be added to new or existing loans
- GAP Advantage provides an additional $1,000 credit when financing your next vehicle with FMFCU within 95 days of claim settlement
GET GAP OR MORE INFORMATION
For more information, visit a branch location or call a Member Relationship Advisor at 610-325-5100 (Outside PA: 1-800-220-3193).