GAP Protection
GAP is not insurance, nor does it replace your requirement to have insurance. GAP is a debt cancellation contract. GAP does not provide equity protection or payments in excess of the deficient loan balance upon total loss.
GAP provides protection that gives you peace of mind from knowing that your obligations regarding the financing of your vehicle will be covered in the event of a total loss.
You may not realize it, but if your vehicle is declared a total loss, you remain liable to your credit union for the difference between your insurance company's settlement and the loan balance. In many cases, this can cost you upwards of $3,000 or more.
GAP provides deficient loan balance protection in the event of a total loss.
Please review the following example below*:
| Loan Balance |
|
$20,000 |
| Insurance Co. Settlement |
|
$16,500 |
|
|
|
Total Amount Owed By You: |
| 1) Without GAP Protection |
|
$3,500 |
| 2) Total Amount Paid by GAP |
|
$3,500 |
On average, it takes you 18 to 24 months to have equity on a 48-month contract. Please review the graph below:
GAP coverage means you'll be back on the road sooner. It makes it easier for you to return to your personal or business activities with a minimum of interruption. It's an easy and convenient way to assure your peace of mind.
GAP does not cover delinquent payments or late charges on your loan at the time of loss.
For more information, contact us online, call the myMAX Service Center, or stop by any convenient MAX branch!
*This calculation is used for summary purposes only and does not alter the GAP contract.
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