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G
A P
Guaranteed
Auto Protection
YOUR AUTO INSURANCE
DOES NOT COVER EVERY THING
In
the event your vehicle is deemed a total loss due to an accident
or theft, your auto insurance policy will usually cover only
the actual cash value or market value of your vehicle less a
deductible. This settlement could be significantly less than
the amount you owe to your lender or leasing company. The final
result is a financial GAP where you must make up the difference,
which could mean thousands of dollars out of your pocket.
PROTECTION
THROUGH GUARANTEED AUTO PROTECTION PLUS
Guaranteed Auto Protection Plus
Protects individuals
| Guaranteed
Auto Protection Plus is
a loan/lease deficiency waiver and is not offered as insurance
coverage. |
who finance a new or used vehicle
from the financial GAP.
In the current market, during
the first few years that you own your vehicle, your loan/lease
balance can be higher than the actual value of your vehicle, as a result of depreciation.
As your vehicle's value declines, your loan/lease balance may
decline more slowly resulting in a financial gap. If your vehicle
were stolen, or totaled in an accident, you would be liable
to pay the difference between your insurance settlement and
your outstanding loan/lease balance.
Guaranteed Auto Protection Plus covers the
| The
purchase of Guaranteed
Auto Protection Plus is
voluntary and cannot be required as a condition of credit
approval. |
difference between
the actual cash value of your vehicle
and the loan/lease balance, less delinquent payments, late charges,
refundable service warranty contracts and other insurance-related
charges.
Guaranteed Auto Protection Plus will even cover
your auto insurance deductible of $500 or $1,000. The actual amount depends on your credit union's program limits.
Ask your lender/loan officer for details.
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