A GAP Policy can help protect you from having to make loan payments on your vehicle if it's totaled or stolen and not recovered.*
Most cars depreciate by thousands of dollars as soon as they are purchased. Unfortunately, if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared a total loss, you are still liable to pay the difference, or "gap", between your insurers settlement and your loan balance. That gap will come out of your pocket for a vehicle that, for all practical purposes, no longer exists. GAP is the coverage that pays the potentially high cost difference between your insurance settlement and your loan balance on items directly related to the purchase of the vehicle. Plus, coverage also includes up to $1,000 toward your downpayment on a replacement vehicle! (where allowed by law and when financed through the credit union.)
The peace of mind of Guaranteed Asset Protection (GAP) can be purchased for a one-time payment of $489 for motor vehicles. GAP is also available for power sport, watercraft and recreational vehicles for a slightly higher premium. Call 323-505-2600, prompt 7 to find out more.
Mechanical Repair Coverage
Please call for a brochure outlining the coverage levels available!
323-505-2600, prompt 7
*BE SURE TO CAREFULLY READ YOUR MEMBER'S CHOICE GAP WAIVER. MEMBER'S CHOICE Guaranteed Asset Protection is a debt cancellation product made available through Cal State LA Federal Credit Union and administered by CUMIS Insurance Society, Inc.