Products & Services: Vehicle Loans
GAP (Guaranteed Auto Protection)
 Baltimore
County Employees Federal Credit Union is pleased to offer
its members a new service called GAP
(Guaranteed Auto Protection). If your vehicle is totaled
or stolen, your primary insurance company usually pays only
the actual cash value (current market value) of your vehicle
less your deductible. This amount can often be much less than
the balance you owe on your auto loan.
The difference between the insurance settlement
and the amount you still owe on the auto loan is called a
financial GAP…and could result in thousands of dollars
out of your pocket in order to pay off your loan balance.
To help you avoid this risk, we now provide
members the opportunity to purchase GAP at a greatly reduced
one-time cost of $175.00*.
Note:
Existing Credit Union Auto Loans have up to 18 months
from their date of origination to also enjoy the benefits
of GAP Coverage at the reduced cost of $175. Similar GAP
policies purchased directly from auto dealers / insurance
companies can sometimes cost as much as $350.
* GAP Pricing is subject to change without notice. |
Unsure of the GAP on the auto you are
about to purchase? Contact a Loan Counselor today for a complete
GAP analysis. Call us at 410-828-4730 or 1-800-234-4730.
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