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Guaranteed Asset Protection (GAP)
Fill In The Gap On Your Next Vehicle Loan!

There could be a big difference between what your insurance will pay and what you owe on your loan.

Most cars depreciate by thousands of dollars as soon as they are purchased. And if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference, the "gap" between your insurer's settlement and your loan balance. That gap will come out of your pocket for a vehicle that, for all practical purposes, no longer exists.

Guaranteed Asset Protection (GAP) could save you thousands of dollars.
GAP is low-cost coverage that pays the potentially high-cost difference between your insurance settlements and your loan balance on items directly related to the purchase of your vehicle.

It's easy to be covered.
You can sign up for GAP when you apply for your vehicle loan. There's no underwriting, no red tape, no hassles. And for your convenience, the amount can be rolled into your monthly loan payment.

Refundable feature.
GAP is fully refundable if you cancel the coverage within the first 60 days, and is partially refundable anytime thereafter.

GAP provides security for financial loss and includes:

  • Protection for the term of your loan, up to 84 months.*

  • Coverage for vehicles valued up to $100,000 at time of purchase.

  • Payment of benefits up to $50,000.

  • Coverage for auto insurance deductibles as part of the GAP claim settlement up to $1,000 and where allowed by law.

  • Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles.

  • GAP Plus coverage, which includes up to $1,000 down payment credit toward a replacement vehicle, where allowed by law and when financed by your credit union.

Make sure you fill the GAP!
Protect your family, your car and your credit rating. Contact your loan officer for a quote!

*Protection up to 72 months in Michigan.

The information shown here is intended to provide a general outline of benefits and should not be relied upon as providing all benefits and limitations when purchasing this protection. Be sure to carefully read your GAP waiver or policy/certificate of insurance for complete details, including any coverage limitations.

Mechanical Repair Coverage (MRC)
Eliminate the Cost of Unexpected Repairs

SLCU is proud to offer high quality, comprehensive auto mechanical repair coverage at a price typically lower than dealerships. MRC pays for the cost of parts, labor and tax for any covered repair to your vehicle. It provides needed protection at the time your vehicle is most likely to require repairs, including:

  • Roadside assistance
  • Car rental reimbursement
  • Towing reimbursement
  • Emergency travel expenses

With MRC you can choose the coverage you need including:

  • Deductible options
  • Repair facility paid directly
  • Transferable when you sell the vehicle
  • 30 day free look

Just look at some of the benefits of MRC:

  • Saves money
  • Protects savings
  • Protects credit rating
  • Increases vehicle resale value
  • Provides worry-free driving

Contact your Loan Officer for more details on how MRC can save you money on your next vehicle purchase.

 


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Soo Line Credit Union