Guaranteed Asset Protection (GAP)
If the unexpected happens to your vehicle, you could lose more than just the vehicle: You could lose your entire investment. For example, if you get into an accident and you total your vehicle, you can only expect your auto insurance to cover the residual value of your vehicle. If by chance you owe more than the residual value, you could be required to cover the difference out of pocket! With ECU’s Guaranteed Asset Protection (GAP) insurance, you can help bridge the “gap” between the amount you owe and the amount your insurance company will pay.
GAP insurance provides protection on both new and used vehicles with four great benefits:
- Low-cost protection for a one-time fee of $450 that comes with a 60-day free look
- Protection up to 84 months and loan-to-value rate of up to 125%.
- GAP will help cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid!*
- The GAP premium of $450 can be added to your loan with minimal effect on your monthly payment, and it can be added after the loan closes.
* Deductible is covered as part of the deficiency balance and is not paid directly to the borrower