Guaranteed Asset Protection (GAP) is an optional protection product that may help cover the difference between what you owe on your vehicle loan and your auto insurer's settlement if your vehicle is declared a total loss due to a covered accident or theft. This difference is commonly called the "gap."

What are Credit Life and Credit Disability Insurance?

Credit Life and Credit Disability are optional insurance products designed to help protect your loan payments during unexpected life events. ‍

Credit Life Insurance may help pay off or reduce your remaining eligible loan balance if you pass away while coverage is in effect.

‍Credit Disability Insurance may help make eligible loan payments if you become disabled due to a covered illness or injury and are unable to work, subject to the policy's terms and waiting periods.

How does GAP coverage work?

If your vehicle is totaled or stolen and your auto insurance settlement is less than your remaining loan balance, GAP may help cover some or all of the remaining balance, subject to the terms, conditions, and exclusions of your agreement. This can help reduce your out-of-pocket financial responsibility.

How do Credit Life and Credit Disability Insurance work?

If a covered event occurs while your policy is in force, benefits are paid according to the terms of the insurance policy.

With Credit Life Insurance, the benefit is generally applied toward the remaining eligible loan balance.

With Credit Disability Insurance, eligible monthly loan payments may be made during a covered period of disability, up to the limits specified in the policy.

Coverage, eligibility requirements, exclusions, benefit limits, and waiting periods vary by policy. Please review your policy documents for complete details.

Is GAP the same as auto insurance?

No. GAP is not auto insurance and does not replace your auto insurance policy. Auto insurance helps pay for covered vehicle damage, injuries, or liability. GAP is designed to help with the remaining loan balance after your insurance company has paid its covered settlement for a total loss.

Are Credit Life and Credit Disability Insurance the same as other insurance?

No. Credit Life and Credit Disability Insurance differ from other types of insurance, such as auto insurance.

Auto insurance helps protect you financially if your vehicle is involved in an accident, is damaged, or causes injury or property damage.

Credit Life and Credit Disability Insurance are optional coverages that help protect your loan by paying the remaining balance or making loan payments if you pass away or become disabled, subject to the terms and conditions of the policy.

Does GAP coverage cover vehicle repairs?

No. GAP does not cover mechanical breakdowns or repair costs. It applies only if your vehicle is declared a covered total loss, according to the terms of your GAP agreement.

Are Credit Life and Credit Disability Insurance required to get a loan?

No. Credit Life and Credit Disability Insurance are optional and are not required to obtain a loan. The decision to get this coverage is entirely up to you!

How long does GAP coverage last?

GAP coverage generally remains in effect for the term of your agreement or until your loan is paid off, refinanced, or otherwise terminated, whichever occurs first. Refer to your agreement for specific coverage terms.

Do Credit Life and Credit Disability Insurance affect my loan approval?

No. Choosing whether or not to purchase Credit Life and Credit Disability Insurance does not affect your loan approval. Your loan application is evaluated based on factors such as creditworthiness and lending criteria, not on whether you elect optional insurance coverage.

What is Mechanical Repair Coverage?

Mechanical Repair Coverage is an optional protection plan that may help pay for covered mechanical and electrical repairs after your manufacturer's warranty expires or when standard warranty coverage does not apply. Coverage varies depending on the plan you choose.

Do I need Mechanical Repair Coverage?

While not required, Mechanical Repair Coverage can provide added peace of mind by helping reduce unexpected repair costs. It may be especially valuable if you plan to keep your vehicle for several years or drive higher-than-average mileage.

How is Mechanical Repair Coverage different from a manufacturer's warranty?

A manufacturer's warranty is included with a vehicle and covers certain defects in materials or workmanship for a specified period. Mechanical Repair Coverage is an optional protection plan that can extend coverage beyond the manufacturer's warranty or provide additional protection, depending on the plan selected.

What types of repairs are covered by Mechanical Repair Coverage?

Covered repairs vary by plan but may include major vehicle components such as: Engine, transmission, drive axle, air conditioning, steering suspension, electrical systems, fuel system, and cooling system.

Refer to your specific agreement for a complete list of covered components, exclusions, and limitations.

What's the difference between GAP Coverage and Mechanical Repair Coverage?

These products protect you in different ways.

GAP Coverage helps protect you financially if your vehicle is declared a covered total loss and your insurance settlement is less than your remaining loan balance.

Mechanical Repair Coverage helps pay for covered repairs when your vehicle experiences certain mechanical or electrical breakdowns.

Many members choose both products for more comprehensive financial and vehicle protection.

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