If an accident or theft leads to a total loss of your vehicle, GAP covers the difference between what you owe on the loan and what your insurance policy covers. This coverage can save you thousands of dollars.
Protects new and used vehicles valued up to $100,000
One-time cost of $395 for autos, slightly higher for motorcycles, boats and RVs
Can cover up to six skipped payments
Waives losses up to $50,000
Receive a $1,000 loan credit when you finance your replacement vehicle through RCU
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
For more information or to purchase GAP coverage, please call 1 (800) 479-7928, send a message using our contact form, or visit your nearest Redwood Credit Union branch. To purchase GAP coverage, you may also print out and complete the GAP Acceptance Form and bring it to any branch or fax to (707) 522-6851.