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 Baker's
Federal Credit Union
GAP Insurance . . . |
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| GAP Insurance For Automobile Loans |
The credit union has joined
forces with InterContinental Warranty Services, Inc. to offer you
Guaranteed Asset Protection. Through a partnership with an insurance
carrier who is rated A+ by leading insurance analyst A.M. Best,
InterContinental Warranty Services, Inc. brings peace of mind and
financial security to credit union members nationwide.
What is GAP? It is the difference between the principle balance
on your auto loan or payoff amount and the actual cash value of your
vehicle.
Many members do not realize the car they just purchased starts to
depreciate the moment they drive it off the lot. They assume if their
vehicle is stolen or damaged beyond repair, their insurance coverage
will pay the remaining balance owed to the lender.
However, you may be surprised to learn that in the event of a total
loss, the settlement amount received from your insurance company is the
actual cash or market value of your vehicle. In many cases, this amount
is less than what you owe the lender and you are held responsible for
the difference.
GAP is available for a nominal cost and may be purchased within 30 days
of vehicle purchase date. Ask your credit union representative for
details. |
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