Guaranteed Asset Protection (GAP)

GAP can eliminate or greatly reduce the potential out-of-pocket expense you would incur to pay off your loan should your vehicle be stolen, accidentally damaged beyond repair or otherwise declared an insured total loss.


Most people believe that if their vehicle is totaled or stolen, their primary auto insurance will pay off their loan balance in full, which is not always the case. Your insurance carrier usually will pay only the actual cash value (current market value) of your vehicle at the time of loss, less your deductible. The amount could be substantially less than your APL FCU loan balance.

How GAP Works

  • One-time cost of just $295, which is less than half what most dealers charge
  • Protect the difference between the primary insurance settlement and the balance remaining on the loan.
  • GAP will pay up to $1,000 towards your primary insurance deductible as long as a GAP exists.
  • Cost can be rolled right into your vehicle loan.

Original loan amount financed at APL FCU


Loan balance at the time of loss


Your primary insurance company's settlement


Remaining loan balance


Your primary insurance deductible


Amount responsible for with no GAP coverage


The total you owe with GAP coverage to pay off your loan is*

$ 0

* Please see a credit union representative for specific details about GAP features, benefits and any exclusions that may apply.

Is Your Vehicle Eligible?

Your APLFCU vehicle loan is eligible for GAP coverage if it fits any of the following categories:

  • New and used vehicles
  • Private passenger autos, vans, or trucks (not exceeding one-ton towing capacity)
  • Motorcycles

You can purchase GAP coverage for your existing APL FCU vehicle loan anytime during the life of the loan.

Don’t Forget About Payment Protection


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