Guaranteed Asset Protection (GAP)

GAP is a Debt Cancellation product designed to protect members against financial loss in the event their vehicle is stolen or declared a total loss by their insurance company. Cars depreciate in value rapidly. If your car is deemed a total loss, the auto insurance company issues a settlement for the value of the vehicle at the time of the incident. In many cases, the amount the vehicle is worth is not enough to cover the payoff of the vehicle loan. GAP pays the difference so you don’t have to pay anything out of pocket (subject to coverage limits).

Equal Housing Lender National Credit Union Administration