Guaranteed Asset Protection
Guaranteed Asset Protection (GAP)
In the event your vehicle is deemed a total loss due to an accident or theft, your auto insurance policy usually covers the fair market or actual cash value of the vehicle. The amount you owe Redwood Credit Union may be more than your insurance settlement. This difference, or “gap” could cost you thousands of dollars.
- Protects new and used vehicles valued up to $100,000
- Can pay up to two delinquent payments
- Waives losses up to $50,000
- $1,000 loan credit when your replacement vehicle is financed by Redwood Credit Union.
| How GAP works: | |
| Loan amount: | $25,000 |
| Term: | 60 months |
| Loss date: | 36 months |
| Loan payoff: | $15,000 |
| Insurance settlement: | $12,000 |
| GAP (deficiency): | ($3,000) |
| GAP payment to Credit Union: | $3,000 |
| Out-of-pocket expense: | $0 |
Help eliminate your responsibility for any deficiency by purchasing GAP today. GAP can be purchased for a one-time fee of $299 on new or existing auto loans. GAP is now available on motorcycles, boats and recreational vehicles at a slightly higher cost.
For more information or to purchase GAP coverage, please call: 1 (800) 479-7928, send an email to: RCUInsuranceServices@redwoodcu.org, or visit your nearest Redwood Credit Union branch. To purchase GAP coverage, you may also print out and complete this form and bring it to any branch or fax to: (707) 522-6851.
RCU Insurance Services can also fulfill your home, auto and business insurance needs. Contact us for a quote:
Phone: toll free (866) 477-4225 or local (707) 576-5120
Insurance Quote Fax: 1 (888) 273-4454
email: RCUInsuranceServices@redwoodcu.org
