What is GAP?
If you have an auto that is totaled or stolen, there may be a difference between the monies owed and what your insurance company will pay. Guaranteed Asset Protection is not auto insurance. It is a deficiency waiver. It will cover the "gap" by paying the difference between your primary carrier's insurance settlement and your loan balance. The GAP payment covers the insurance deductible up to $1000 but does not pay for delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges.
Note: GAP cannot provide protection beyond two (2) additional payments of the original repayment schedule of the loan. Ex: If you have taken 4 payment holidays, GAP will only cover the monthly payment amounts of 2 of those payment holidays.
When can I purchase GAP?
It can be purchased on any automobile regardless of the age or mileage on the vehicle, at the time of a new loan or refinance with Delta Community CU, regardless of whether you had GAP previously. The maximum term for GAP is 84 months. If you are refinancing your vehicle to add additional funds to the loan, you must repurchase the GAP agreement. The original agreement becomes null and void when you add additional monies to the loan.
If I have GAP and I refinance an auto loan currently with Delta Community CU, do I have to purchase GAP again?
Any time a Delta Community CU car loan is refinanced that has existing GAP, you must purchase the GAP again for this loan to be covered.
If you are refinancing a car loan that is currently financed with Delta Community CU that does NOT have existing GAP, purchasing GAP is not an available option.
What is the cost of GAP and is it refundable?
GAP is available in two primary options; either 'Non-Refundable' GAP at $299.00 or 'Refundable' GAP at a cost of $495.00. All options offer a 60 day trial period.
I have totaled my car and filed a GAP claim, do I need to make my payment?
You are responsible for all payments on the loan as agreed on your loan contract. Any overpayments made thru the GAP claim will be reimbursed to upon claim payment.
What is the time frame for receiving a refund from the GAP if I cancel under the new terms and conditions?
Please allow 4-6 weeks for a refund. For loans that still exist, the refund will be applied to the loan. If the loan is paid off, the refund will be deposited to your Savings Account.
If I have purchased GAP, will it interfere with CPI?
GAP is a product that covers the difference between your primary carrier insurance settlement and the loan or lease balance on a new or used auto or other collateral loan. It will not interfere with CPI.
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