LOAN PROTECTION
Life is full of surprises. We want to ensure our members have all their bases covered.
That is why we offer loan protection.
Guaranteed Asset Protection, or GAP, is a voluntary, non-insurance program offered as protection on a new or used vehicle financed or leased. It is a supplemental benefit that enhances, rather than replaces, your standard comprehensive, collision, or liability coverage. GAP waives the difference between your primary insurance carrier’s settlement and the payoff of your loan.* In other words, it protects the “gap” between your vehicle’s value and the amount you still owe if it is damaged, stolen, or never recovered.
How does GAP work? Depending on where you live, the established market value of your vehicle could be less than the actual balance you owe. In the event of a total loss or theft, GAP waives the difference between your primary insurance carrier insurance settlement and your loan payoff, subject to limitations and exclusions including a maximum loan-to-value limitation which may cap the benefit you receive. Included in the deficiency balance is the deductible up to $1,000.**
For additional information on GAP Insurance, please get in touch with the Loan Department at (765) 454-5590. You can also download the flyer here.
*Subject to limitations and exclusions including a maximum loan-to-value limitation which may cap the benefit you receive**Not available in NY or AKGAP Disclosures
Your purchase of GAP is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us. We will give you additional information before you are required to pay for GAP. This information will include a copy of the GAP Waiver Addendum which will contain the terms and conditions of GAP benefit.
GAP eligibility requirements, conditions, and exclusions
There are eligibility requirements, conditions and exclusions that could prevent you from receiving GAP benefits. You should carefully read your GAP Waiver Addendum form for a full explanation of the program's benefits, rules, terms and conditions. This document is not a contract. GAP is a loan/lease deficiency waiver and is not offered as insurance coverage.