If your vehicle is ever stolen or damaged beyond repair, your insurance company calculates and pays you the cash value of your car. Problem is, their calculations may be less than the balance still left on your auto loan.
In this situation, you are still liable for the remainder of the loan, plus extra money for insurance deductibles, lost hours from work, rental car fees, and financing a replacement vehicle. GAP Insurance eliminates the headache of paying up to thousands of dollars if your vehicle is ever declared a total loss.
With GAP, the remainder of your loan (up to $50,000.00) and your insurance deductibles (up to $1,000.00) will be paid. In addition, with our GAP Plus option, you will receive $1,000.00 to put toward the down payment of your replacement vehicle financed through BayPort Credit Union. With GAP, you safeguard you vehicle's value, your Credit Union accounts, your credit rating, and your peace of mind.
To be eligible for GAP, your vehicle may be valued up to $100,000.00 at the time of purchase and you must request GAP upon the close of your loan with BayPort Credit Union. Your vehicle is protected for the term of your loan up to 84 months, and protection becomes effective immediately after loan closing. The cost is $200.00, or $250.00 for GAP Plus. This amount may either be paid up front, or may be included in your loan. For more information, please call 928-8850 or visit a Loan Representative