Insurance that bridges the GAP
You purchased a vehicle and insured it, but you've been in an accident or the car has been stolen and the vehicle is worth less than you still owe on your loan. You can protect yourself from this problem with GAP Plus from San Mateo Credit Union.
What is GAP Plus insurance?
GAP stands for Guaranteed Asset Protection, which is an optional form of insurance coverage that can be added to your current auto insurance policy. If your vehicle is considered a total loss, GAP coverage pays the difference between what your regular auto policy pays and what you still owe on your loan.
Example
Imagine that you took out a car loan for $20,000 and you had only paid back $5,000 when your car was totaled. Would you want to keep paying the remaining $15,000 for a car that is completely wrecked? Probably not. With GAP Plus, that remaining $15,000 would be paid off for you, by the insurance company.
And, GAP Plus may cancel part of your next loan with your credit union, when you purchase a replacement vehicle.
Let's fill the GAP
GAP Plus may be a wise choice for you. Find out more by calling SMCU at (650) 363-1725 or drop by your nearest branch today.
Refund of GAP Waiver Charges
As of January 1, 2023, any person who purchased a Guaranteed Asset Protection (GAP) Waiver from a dealership, as part of the conditional sale contract at the time of purchasing a vehicle is generally entitled to a refund of the unearned portion of the GAP Waiver charges on a pro rata basis upon early termination of their conditional sale contract or early cancellation of the GAP Waiver. To determine the amount of any refund available to you, please contact the GAP Administrator (the dealership where you purchased your car) which is identified within the GAP Waiver. The GAP Waiver is included with the documents provided to you at the time of purchasing your vehicle. If you financed your loan and purchased GAP PLUS through San Mateo Credit Unionpaid off your new auto loan within 90-days of your loan funding, you may be entitled to a refund on your GAP Plus policy. Please contact [email protected] or by calling (650) 817-1995.