Guaranteed Asset Protection (GAP)
- GAP Advantage covers the difference between the market value of your vehicle and the loan 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*
Your vehicle's actual cash value
Less your deductible
Loan balance after one year
|GAP Advantage Pays||$3,000|
Without GAP Advantage coverage, you would be required to pay this $3,000 in order to pay off your loan balance.
GAP Advantage is a loan deficiency waiver and is not offered as insurance coverage. Contact the Credit Union at 800.527.3328 for more information about purchasing GAP Advantage.
*With GAP Advantage, an additional $1,000 benefit is provided when the following conditions are met:
Your primary insurance does not pay off your original loan
You return to LBS Financial Credit Union for a vehicle replacement loan
LBS Financial Credit Union approves your new loan