GAP Plus Protection for Auto Loans
GAP Plus protection is a smart choice
New and used vehicles often depreciate rapidly and vehicle loans are typically getting longer in terms. There may be a point where you owe more than it's worth.
Many times, primary auto insurance settlements may not provide you with enough money to cover your loan balance.
In the event that your vehicle is stolen or totaled, Guaranteed Asset Protection Plus (GAP Plus) will cover the difference between the primary insurance settlement and what you still owe on your loan.
|Current Loan Balance||$ 20,000|
|Value of vehicle covered by primary insurance settlement||-$ 15,000|
|Loan balance after primary insurance settlement.
GAP Plus will cover this entire amount, less the amount of your primary insurance deductible. Without GAP Plus, you would be responsible to pay this amount out-of-pocket.
What is the "Plus" about?
In addition to covering your remaining loan balance, GAP Plus will pay $1,000 toward the balance of your next Lanco FCU auto loan when you purchase a replacement vehicle within 60 days of your primary insurance settlement.
If you plan to finance more than 80% of your new vehicle purchase,
talk with a Lanco Lender about adding GAP Plus coverage to your loan.
Rely on Lanco FCU to provide great value
GAP insurance is a product that is generally available not only from lenders, but also from auto dealers and your primary insurance provider. Do a comparison of costs and coverage benefits, and you'll likely find that Lanco FCU's GAP Plus insurance, at a one-time cost of $275, provides the best value for your piece of mind.
- At the dealership, GAP insurance typically includes a high markup, resulting in a one-time price anywhere between $350 to $700.
- Primary insurance companies typically offer GAP insurance at a monthly or annual cost, which can really add up.
And don't forget, the GAP insurance available from a dealer or insurance agent isn't the same as GAP Plus—which gives you the added benefit of a $1,000 payment toward your next Lanco FCU auto loan.*
*In the event that your vehicle is stolen or totaled, GAP Plus will pay $1,000.00 toward the balance of your next Lanco FCU auto loan when you purchase a replacement vehicle within 60 days of your primary insurance settlement.
You may cancel your GAP Plus coverage within 90 days for a full refund. If you have questions about GAP Plus, please call (717) 569-7180 to speak with a Lanco FCU lender.