Guaranteed Asset Protection (GAP) PLUS
When you finance your auto loan with us, protect your investment with our affordable Guaranteed Asset Protection (GAP) PLUS. If your vehicle is involved in accident and is determined to be a total loss, this optional protection will address the difference between your outstanding loan balance and the amount covered by your primary insurance carrier.* GAP PLUS also provides additional benefits in non-total loss accidents.
Features:
- The "PLUS" is the additional benefit of a $1,000 deduction toward your next vehicle loan with Midcoast FCU**
- Auto Deductible Reimbursement pays up to $500 per loss (unlimited losses per year) when a Loss is filed and paid by your auto insurance company for non-total loss accidents
- May be financed with loan
- Purchase anytime throughout the loan
- Better value than comparable products offered through most auto dealerships
*Subject to certain exclusions and benefit limitations. Please refer to the GAP Addendum or Certificate for all terms and conditions. **Replacement vehicle must be financed through Midcoast Federal Credit Union within 90 days from when the vehicle is determined to be a Total Loss. The GAP Plus Waiver has no cash value and will only be paid in the form of a waiver toward the amount financed with the replacement vehicle.
