GAP INSURANCE
 Protecting
Your Automotive Investment
Agriculture
Federal Credit Union makes it easy to pay off
your car loan if your car is totaled or stolen
by offering Guaranteed Asset Protection
(GAP) with its auto loans.
GAP pays the difference between the actual
cash value of your vehicle and the outstanding loan value
at the time of your loss. You are also eligible for $1,000
toward the downpayment of a new vehicle if it is financed
at AFCU.
Here's an example of
how GAP insurance could work for you:
| Loan balance after one year |
$15,000 |
| Value of car after one year |
$10,000 |
| Insurance settlement |
$10,000 |
| Deficiency balance |
$5,000 |
| GAP pays |
$5,000 |
| You owe |
$0 |
Without GAP coverage, you'd be liable
for the $5,000 deficiency balance.
GAP insurance is available for automobiles,
vans, and light trucks, including sport-utility vehicles.
Both new and used vehicles are eligible for coverage.
If you get GAP insurance and then, for whatever
reason, decide you want to cancel the policy, you can get
a full refund within the first 60 days that the policy is
in effect.
GAP
does not cover the following:
• Late charges or other fees added after the loan's
inception
• The cost of the GAP waiver
Make sure you protect your automotive investment.
Get GAP insurance with your next auto
loan! Calculate your GAP
insurance payment or loan payment.
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