Vehicle Protection

When you finance the full value of a vehicle, if that vehicle is stolen or damaged beyond repair, there could be a big difference between what your insurance will pay and what you owe on your loan. Guaranteed Asset Protection (GAP) supplements your regular insurance by covering the difference between your insurance settlement and your loan balance.

MEFCU offers GAP coverage at very affordable rates to protect the investment you have made in your new vehicle. Our GAP Plus program:

• Pays the difference between what your auto insurance pays and the balance of your loan in the event your vehicle is stolen or declared a total loss. Many vehicles depreciate faster than the loan is paid and deductibles can be significant.
• Provides down payment assistance of $1,000 if you finance your new vehicle with MEFCU within 60 days of your loss.

The cost of this coverage is very reasonable. Compare this to any dealer and we know you will agree.

$319 for motor vehicles
$299 for power sports and watercraft
$349 for recreational vehicles

If coverage is added at the time the loan is funded, the cost can be added to the loan, if you wish. Coverage can subsequently be added within 60 days of the loan origination date, with the cost paid from your own funds. Requests to add GAP after the 60-day period can only be accommodated by refinancing the loan.

Protecting your investment in your new vehicle just got easier with GAP from MEFCU.