Guaranteed Asset Protection (GAP)

During the first few years that you own your vehicle, the loan balance can be higher than the actual value of your vehicle, as a result of depreciation. As your vehicle's value declines, your loan balance can be significantly higher. If your vehicle is stolen, or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan balance. GAP Advantage covers the difference (or "gap") between what you owe on the vehicle and what it is worth.


  • 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*

For Example:

Your vehicle's actual cash value


Less your deductible


Insurance settlement


Loan balance after one year


Insurance Settlement


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


Accepts Deposits: Yes

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