The credit union has joined forces with Allied Solutions, to offer you Guaranteed Asset Protection. Through a partnership with an insurance carrier who is rated A+ by leading insurance analyst A.M. Best, Allied Solutions, 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.
Our GAP program also reimburses you for your insurance deductible if you are in an accident that doesn’t total your vehicle. By just purchasing GAP on one auto, this feature covers all automobiles registered, titled and insured under your name. **Deductible up to $1,000.00** 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.
Sharon L., President NMLS# 456126
Bakers FCU Routing No: 304087567
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