Our friend mentioned how great SFCU was to work with. The staff makes you feel welcome. Working with the mortgage team was great and very helpful.
SFCU Member
GAP Advantage
Protect the investment made in your vehicle!
In most circumstances, your vehicle is worth a lot less the second you drive it off the lot. Protect the investment made in your vehicle with GAP Advantage.
What is GAP Advantage?
Guaranteed Asset Protection Advantage, or GAP Advantage, is a voluntary, non-insurance program offered as protection on a new or used vehicle that is financed or leased. It is a supplemental benefit that enhances, rather than replaces, your standard comprehensive, collision, or liability coverage. GAP Advantage waives the difference between your primary insurance carrier’s settlement and the payoff of your loan.1 In other words, it protects the “gap“ between your vehicle’s value and the amount you still owe in the case it is damaged beyond repair or stolen and never recovered. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle if financed or leased with the same financial institution.
How does GAP Advantage work?
Depending on where you live, the established market value of your vehicle could be less than the actual balance you owe. In the event of a total loss or theft, GAP Advantage waives the difference between your primary insurance carrier insurance settlement and the payoff of your loan or subject to limitations and exclusions including a maximum loan to-value limitation which may cap the benefit you receive.1 Included in the deficiency balance is the deductible up to $1,000.
Example of GAP Advantage in Action
| Your one-year-old financed vehicle is totaled beyond repair… | |
|---|---|
| Your loan balance is | $15,000 |
| Your insurance company settlement is | $10,000 |
| based on your vehicle’s market value | $11,000 |
| less your insurance deductible | $1,000 |
| Total amount you owe without GAP Advantage | $5,000 |
| Total amount you owe with GAP Advantage | $0 |
Plus a $1,000 credit towards the financing of your replacement vehicle!2
1Subject to limitations and exclusions including a maximum loan-to-value limitation which may cap the benefit you receive.
2If the replacement vehicle is financed or leased with the financial institution that the totaled/stolen vehicle was financed or leased through.
Important Disclosures
- This product is optional. GAP Advantage is a loan/lease deficiency waiver and is not offered as insurance coverage. Whether or not you purchase GAP Advantage will not affect your application for credit or the terms of any existing credit agreement you have with us.
- We will give you additional information before you are required to pay for the program. This information will include your cost and a copy of the contract, containing the terms and conditions of the program.
- There are eligibility requirements, conditions, limitations and exclusions that could prevent you from receiving benefits under the program. You should carefully read the GAP Waiver Addendum for a full explanation of the terms and conditions of the program.
In my 30+ years in Somerset, I have never seen a financial institution with such great service. Keep up the great work, you have a great deal to be proud of.
SFCU Member
This was the first time I had purchased a vehicle without going through a dealer for financing. When I went to the Credit Union I was seen immediately by the Loan Department. The Loan Officer was very knowledgeable. I was given a list of documents to gather and was promptly taken care of when I returned with them. My wife will be contacting your office about refinancing her student loans.
SFCU Member
Our Money Management Officer, Kassandra, was great to work with. I do not think she could do better.
SFCU Member