- This year, one in every three cars will be totaled in an accident.
- One in every 20 cars will be stolen.
Good thing you have vehicle insurance, right? Well, yes and no. Even after your insurance company pays for your totaled or stolen vehicle, you are responsible for the balance due on your loan.
For example, the loan balance on your new and used car is $18,000. Three months later, your car is totaled in an accident, and your insurance settlement is $15,000. You are responsible for the $3,000 balance of your loan –– even though you no longer have your car!
That’s why you should consider purchasing GAP coverage with your next new and used vehicle loan at Fieldstone Credit Union. Guaranteed Asset Protection covers the difference between your new and used vehicle loan and your totaled or stolen vehicle’s value.
And, it’s available with all new and used vehicle loans for the one-time low price of $350 –– significantly lower than what dealers charge.
Plus when you purchase GAP from Fieldstone Credit Union you also receive an extra benefit called Auto Deductible Reimbursement (ADR).
With ADR if your car is not totaled, but you have an accident or damage covered by your auto insurance during the benefit period which is covered by your Auto Insurance Policy, you may be entitled to reimbursement of the Auto Insurance Policy deductible amount up to $500 per Loss. To be eligible for reimbursement you must own or lease and insure the Covered Auto under an Auto Insurance Policy designating you as the Named Insured.
Loss means an event for which you auto insurance company has approved and paid a collision or comprehensive claim which exceeds the Auto Insurance Policy deductible for the Covered Auto Coverage is effective upon date of enrollment and will continue for 3 year(s) depending on the benefit period provided.
For more information about new and used vehicle loans and GAP, call our loan representatives at (815) 929-1870, ext. 2