| YOUR
AUTO INSURANCE DOES NOT COVER EVERYTHING
In the event your vehicle is deemed a total loss due
to an accident or theft, your auto insurance policy
will usually cover only the actual cash value or market
value of your vehicle less a deductible. This settlement
could be significantly less than the amount you owe
to your lender or leasing company. The final result
is a financial GAP where you must make up the difference,
which could mean thousands of dollars out of your pocket.
PROTECTION THROUGH GUARANTEED
AUTO PROTECTION PLUS
| Guaranteed
Auto Protection Plus is a loan/lease deficiency
waiver and is not offered as insurance coverage.
|
Guaranteed Auto Protection Plus Protects individuals who
finance a new or used vehicle from the financial GAP
In the current market, during the first few years that
you own your vehicle, your loan/lease balance can be
higher than the actual value of your vehicle, as a result
of depreciation. As your vehicle's value declines, your
loan/lease balance may decline more slowly, resulting
in a financial gap. If your vehicle were stolen or totaled
in an accident, you would be liable to pay the difference
between your insurance settlement and your outstanding
loan/lease balance.
| The
purchase of Guaranteed Auto Protection Plus is voluntary
and cannot be required as a condition of credit
approval. |
Guaranteed Auto Protection Plus covers the difference
between the actual cash value of your vehicle and the
loan/lease balance, less delinquent payments, late charges,
refundable service warranty contracts and other insurance-related
charges.
Guaranteed Auto Protection Plus will even cover your
auto insurance deductible of $500 or $1,000. The actual
amount depends on your credit union's program limits.
Ask your lender/loan officer for details. |
