Auto Loan Protection
In the event you total your vehicle, GAP Insurance or Depreciation Protection can prevent you from owing the difference between your loan balance and the insurance payout, or losing the equity in your vehicle due to a down payment at the time of purchase. Either of these products can prevent further financial strain in the event of an accident. Ask us today about these amazing vehicle loan add-ons! Get your Auto Loan Protection quote today!
Insure your outstanding loan balance with GAP (Guaranteed Asset Protection) coverage in case of a total loss or theft of your vehicle. GAP protection insures the difference between your loan balance and the amount of money you would receive from the insurance company in case your vehicle is totaled or stolen*. Imagine the amount of depreciation on your vehicle the moment you drive it off the lot! GAP protection is an affordable way to limit your losses in case your collateral is compromised.
GAP is good on automobiles, vans, light trucks, motorcycles, boats, travel trailers, motor homes, golf carts, jet skis, snowmobiles and almost any other vehicle. Click here for more information.
GAP coverage at Frankenmuth Credit Union also includes the "GAP Advantage", which will pay you $1,000 if you need to make a GAP claim. Also included is "Auto Deductible Reimbursement", which allows you to have your deductible reimbursed to you in the event of a claim to your insurance company. BOTH of these amazing features come with FCU's GAP Insurance at no additional cost!
*GAP covers up to 125% of the retail value of your vehicle.
Not insured by NCUA. Not underwritten, issued, or guaranteed by NCUA or any other federal government agency. No requirement to purchase as a condition of a loan.
Depreciation Protection kicks in if your vehicle is ever totaled or stolen at anytime over the life of your loan. The benefit payout* will pay the difference between your vehicle's MSRP or retail value at the time you purchase DPW and the amount of your loan balance at the time of loss of the vehicle.
DPW is ideal for those who put money down or have equity in the vehicle, those who make accelerated payments, and those who desire protection from vehicle depreciation or peace of mind knowing the money invested in a vehicle will be protected. Click here for more information.
*Maximum benefit payout is $10,000.