GAP Plus
Will you owe more on your vehicle loan than your vehicle is worth?
Guaranteed Asset Protection (GAP) Plus can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out of pocket expenses if your vehicle is totaled or stolen. GAP Plus may cancel part of your next loan with your credit union, when you purchase a replacement vehicle. GAP Plus can help lighten the financial burden for you and the people you care about. Get GAP Plus today so you can worry a little less about tomorrow.
Add GAP Plus to your loan
New Loans: Can be added during the online loan application process, in person at one of our offices, or by phone by calling 651-770-7000.
Existing Loans: To add GAP to an existing loan, please call 651-770-7000.
| How GAP Plus works for you | |
| Original purchase price | $25,000 |
| Loan balance after one year | $20,000 |
| Insurance settlement covering vehicle's current value | $16,000 |
| Your lost investment without GAP Plus (Including your deductible) |
$4,000 |
| GAP Plus waives the difference | $4,000 |
| Funds provided toward financing or leasing a replacement vehicle with Ideal Credit Union | $1,000 |
| Total GAP Plus Benefit | $5,000 |
GAP is not insurance; it is an optional debt cancellation product. GAP will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP Fee to the amount financed under your loan will increase the cost of GAP because there will be additional interest due based on the inclusion of the GAP Fee in the loan principal amount. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid, if no benefits have been provided. GAP purchased from state-chartered credit unions in FL, GA, IA, IN, UT, VT, and WI may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you purchase a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee, if no benefits have been provided. GAP purchased from state-chartered credit unions in CO, MO or SC may be canceled at any time during the loan and receive a refund of the unearned fee, if no benefits have been provided.