Don't Get Stuck Paying for a Vehicle You Don't Have Anymore!

You may already know about Guaranteed Asset Protection (GAP).  If you do, hopefully you learned about it from a caring Clark County Credit Union employee instead of from your insurance company when your vehicle was totaled or stolen and you were told, "We can't cover the entire loan balance, don't you have GAP coverage?"

Too often insurance companies cannot pay off the entire balance of your loan if you suffer a total loss of your vehicle. They will pay “fair market value” which usually means low blue book or NADA. This leaves you with a balance on your loan that you are responsible to pay even though you no longer have that vehicle. 

Many car owners are “upside down” or “under water” on their vehicles which means they owe more than the vehicle is worth. CCCU GAP protection pays that difference, or that “gap,” so you don’t have to come out of pocket for the additional money.

CCCU offers “GAP Plus” which pays the balance of your outstanding loan, and provides $1,000 toward the purchase of a new vehicle (as long as you finance it through CCCU). 

So, the next time you sign for a vehicle loan, remember to ask about GAP protection so you are not left paying for a vehicle you no longer own because of an accident or theft.

If you have questions on GAP coverage, please contact us at (702) 228-2228.