Guaranteed Asset Protection (GAP)
You don’t expect your car to be totaled by an accident or stolen—but you get car insurance just in case. You probably don’t expect that your insurance settlement could suddenly leave you thousands of dollars in debt, because you owe more on your car loan than your car is worth. You’ll be glad to know there is a way to make sure a car wreck doesn’t wreck your finances: GAP, or Guaranteed Asset Protection for your vehicle loans.
- An optional and inexpensive benefit that you may add to your collateralized loans
- GAP coverage goes into effect when your vehicle is stolen and isn’t recovered, or is totaled in an accident and cannot be repaired
- GAP covers the difference between your primary carrier insurance settlement and the payoff of your loan
- Add GAP coverage to your loan without increasing your loan payment by extending the term of your loan.
Please contact the credit union for more details or to see if you can add this coverage to your vehicle loan today!
Extended Warranty Coverage
A vehicle is a huge investment. With all the computer and electronic parts in today’s vehicles, one mechanical repair can often end up costing several thousands of dollars. In order to keep you on the road, we have partnered with Route 66 to offer an extended warranty that comes loaded with benefits that you don’t usually get with a warranty from a dealership. Route 66 warranties are often cheaper than dealership offerings, and there is no deductible. It’s available for newer, as well as older, year model vehicles, even if you didn’t finance your vehicle with us.
Plus, you can choose any certified mechanic you’d like and aren’t forced to take your car into the dealership every time it needs repairs. Also, the warranty is transferable, which makes your care worth more money at resale.
Please contact the credit union for more information on Route 66 Extended Warranty coverage.
Credit Life & Disability Insurance
Credit Life Insurance helps you protect your family and home if you can’t be there for them. If you pass away during the period of a loan, Credit Life Insurance will pay off or reduce your remaining loan balance. Toro Credit Union also offers Credit Disability Insurance on all our loans to help make your loan payments in the event you become disabled or can’t work for medical reasons for at least 14 consecutive days. This insurance will continue to make your loan payments until you return to work.
Please contact the credit union for more information on Credit Life or Disability Insurance.