Protect
Your Investment
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CUNA Mutual GAP Protects You.
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Protection for new and preowned vehicles |
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Protection
for motor and power-sport vehicle loans valued up to $100,000 |
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Protection
for recreation vehicle loan valued up to $125,000 |
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Protection
for watercraft vehicle loans valued up to $50,000 |
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Protection for the entire term of the loan |
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Minimal cost |
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Pays deductible coverage up to $1,000* |
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90-day free look - you may cancel your protection within 90 days of enrollment and receive a full refund. |
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Benefits
customers, financial institutions, lessors and vehicle
dealers |
*Not
available in all states 
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Q If
your Vehicle Is Totaled Or Stolen,
Will Your Insurance Cover The Entire Loss?
A
Not
Likely. Be Prepared to
Lay
Out Additional Cash!
Did
You Know.
- The market
value of your new vehicle starts to depreciate the moment you
take possession.
- If your vehicle
is totaled or stolen, your insurance usually does not cover the
entire amount you owe on a lease or a loan.
- If a total
loss occurs, you may have to pay the difference, the gap, between
what you owe, and the actual cash value of your vehicle, from
your own pocket.
- Now, buyers
and lessees of new and preowned vehicles can obtain a product
that will pay off loan and lease balances and that could help
in the purchase or lease of a new vehicle!
Vehicles
Covered
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Automobiles
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Motor
Homes |
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Motorcycles |
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Pop
Ups |
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Trucks |
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ATV's |
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Light Trucks |
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Boats |
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Vans |
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Personal Watercraft |
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Trailer Homes |
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Snowmobiles |
Now,
You Can Protect Your Investment.
Basic Form
Pays the difference between the amount paid by the primary insurer
(the actual cash value) and your outstanding loan or lease balance,
less any primary insurance deductibles.
Broad Form
Pays the difference between the actual cash value of the total loss
vehicle and your outstanding loan or lease balance. It also pays
your primary insurance deductible, up to $1,000.
How
GAP Works.
Loan
Amount = $25,000
Term = 60 months
Loss Date = 36 months |
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| Loan/Lease Payoff |
$15,000 |
| Insurance Settlement* |
$12,000 |
| GAP |
($3,000) |
| Insurance Deductible |
($1,000) |
| Potential Out-of-pocket Expense |
($4,000) |
| GAP Payment to Lender |
$4,000 |
Out-of-pocket Expense
with GAP Protection |
$0.00 |
*Actual Cash
Value of Vehicle
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