Mobiloil Credit Union

GAP

Guaranteed Auto Protection (GAP)

GAP coverage offers protection against financial liability for individuals who finance a new or used vehicle. GAP protects against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered. With GAP, the covered deficiency balance is then waived. For a minimal fee, GAP will cover the difference between the market value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. In the event a deficiency exists, our program will cover your insurance deductible, up to $1,000.

Loan balance after one year $15,000
Your vehicle’s actual cash value $11,000
Your deductible $1,000
Insurance settlement $10,000
The gap $5,000
GAP Pays $5,000