In addition, you may purchase GAP (Guaranteed Asset Protection) insurance, which in the event of your vehicle being totaled in an accident will cover the difference between the loan value and the value your insurance provider covers. This coverage could be significant especially during the first half of the life your vehicle where it’s value declines faster than your loan balance.
Also, if your vehicle is totaled, this coverage provides for $1,000 cash down payment towards another vehicle when financed through your credit union.
- Automobiles (cars, trucks and vans) $295
- Power-sport (motorcycles, snow-mobiles, personal watercraft) $320
- Watercraft (boats) $345
- Recreational Vehicle $420