Dakota Star Federal Credit Union
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MEMBER'S CHOICETM Guaranteed Asset Protection (GAP)

Guaranteed Asset Protection (GAP) is offered by Dakota Star FCU for your new and used vehicle loan.  This financial protection helps pay the difference between your insurance settlement and your loan balance in the event it is damaged beyond repair or stolen and never recovered.  GAP supplements your insurance coverage.  It does NOT replace your standard comprehensive, collision, or liability coverage.  It only enhances them.

Did You Know...there could be a big difference between what your insurance will pay and what you owe on your loan.

  • The market value of your new vehicle starts to depreciate the moment you take possession
  • Most cars depreciate thousands of dollars as soon as they are purchased. 
  • If your vehicle is stolen, accidentally damaged beyond repair, or declared a total loss your insurance may not cover the entire amount that you owe a loan.
  • If a total loss occurs, you may have to pay the difference, or the "gap", between what you owe and the actual cash value of your vehicle, from your own pocket for a vehicle that, for all practical purposes, no longer exists!

GAP could save you thousands of dollars!

For Example: 
You've purchase a vehicle.  After one year, the loan balance is $25,000.00; the market value is $21,000.00, and your insurance deductible is $1,000.00.  If your vehicle gets totaled and your insurance company pays $20,000.00 that leaves a gap of $5,000.00 that you would be left to pay for, on a vehicle that you no longer have! 

Loan payoff:   $25,000.00

Insurance settlement:  $20,000.00  ( Market value:  $21,000.00 -  Deductible: $1000.00)

Out of pocket expense:  $5,000.00

Or

GAP Payment to Lender:  $5,000.00

Out of pocket expense:  $ 0.00

GAP
helps to protect your financial well being by reducing the difference between your vehicle insurance company's settlement and the remaining loan amount, if your vehicle is stolen or accidentally damaged beyond repair.  The difference can amount to thousands of dollars due to depreciation.

You can sign up when you apply for your vehicle loan and the amount can be added to you monthly payment for your convenience.

GAP is fully refundable if you cancel the coverage within the first 90 days.

Have you filled the GAP?

Protect yourself and your credit rating.  Contact one of Dakota Star Federal Credit Union's friendly loan officers today for more information on the benefits of GAP!

 

MEMBER'S CHOICE® Credit Life Insurance

MEMBER'S CHOICE® Credit Life Insurance is a voluntary coverage that can help reduce or pay off your loan balance, up to the maximum limit, if you or your covered co-borrower pass away.

 

MEMBER'S CHOICE® Credit Disability Insurance

 

MEMBER'S CHOICE® Credit Disability Insurance is a voluntary coverage plan that helps make monthly loan payments, up to the maximum limit, should you become totally disabled, until you are no longer disabled.

                                                                                                                                                                            

 

 

Your purchase of MEMBER'S CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan.  Certain eligibility requirements, conditions, and exclusions may apply.  Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of GAP.  If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time.  If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product. 

 

 

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates.  Your purchase of MEMBER'S CHOICE®credit life and credit disability insurance, underwritten by CMFG Life Insurance Company is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan.  Certain eligibility requirements, conditions, and exclusions may apply.  Please contact your loan representative, or refer to the Policy Agreement for a full explanation of the terms.

CI/GAP-0913-6684

Equal Housing Lender / NCUA Insured

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