Loan Protection & GAP Plus
Help play it safe!
Thinking about taking out a loan? It can be a financial gamble because…life happens.
U.P. State Credit Union Debt Protection helps you play it safe when taking out a loan. Debt Protection is a voluntary loan-payment protection product that helps preserve your family’s standard of living by giving you relief from the financial burden of delinquency, default, or foreclosure if a protected life event such as disability, loss of life, or involuntary unemployment happens to you.
*Your purchase of Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Debt Protection.
Guaranteed Asset Protection Plus (GAP Plus)
New and used vehicles often depreciate rapidly and vehicle loans are typically extending longer in terms. There may be a point where you owe more than your vehicles worth. Many times, primary auto insurance settlements may not provide you with enough money to cover your loan balance.
If you plan to finance more than 80% of your new vehicle purchase, talk with a Loan Officer about adding GAP Plus Coverage to your loan.
In the event that your vehicle is stolen or totaled, GAP Plus will cover the difference between the primary insurance settlement and what you still owe on your loan. In addition to that, GAP Plus Coverage will pay $1,000 toward the purchase of your next U.P. State Credit Union auto loan when you purchase a replacement vehicle within 60 days of your primary insurance settlement and will also pay your insurance deductible up to $1000.
Dealerships will often try to sell you GAP Insurance.
U.P. State Credit Union's GAP Plus Coverage provides two very clear benefits:
- Purchasing cost at U.P. State Credit Union is much lower!
Purchasing GAP Plus Coverage from U.P. State Credit Union is a one-time low cost of $367.00, while dealerships typically charge anywhere from $350 to $800 for GAP coverage.
- "GAP insurance" is not the same as "GAP Plus" Coverage
"Plus" is the added benefit of a $1,000 payment toward your next U.P. State Credit Union auto loan.* GAP insurance does not include this valuable extra benefit.
*In the event that your vehicle is stolen or totaled, GAP Plus Coverage will pay $1,000.00 toward the balance of your next U.P. State Credit Union auto loan when you purchase a replacement vehicle within 60 days of your primary insurance settlement.