You're kind to your car. You wash it weekly, steer clear of foot-deep Pittsburgh-area potholes and avoid Route 30 at rush hour. But sometimes bad things happen to good drivers. That's why you should invest in policies that protect your car against major breakdowns and accidents that leave it damaged beyond repair.
Yes, we know you have auto insurance. It might be really good auto insurance. But it's also quite likely that it's not protecting you against everything that could happen to your vehicle.
If your car, truck, SUV or van needs major repairs not related to an accident, you're not covered. If your vehicle is stolen or involved in an accident that leaves it damaged beyond repair, you may not be fully compensated.
You have two options. Pay hundreds or thousands of dollars on repairs or to pay off your loan. Or buy Mechanical Repair Coverage and a Guaranteed Asset Protection Plus policy from Parkview Community Federal Credit Union, and drive with total peace of mind.
GAP (Guaranteed Asset Protection) Plus is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot.* This leaves a gap between what you owe on your loan and the value of your vehicle if it's deemed a total loss due to an accident or theft. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan. Plus, it helps you get into your next vehicle by reducing your loan at the credit union by $1,000.
Contact us today to learn more about adding GAP Plus to your vehicle loan so you can worry less about tomorrow.
Disclosure and source:
*Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov. 9, 2018.
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP), is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP-2454900.1-0319-0421© CUNA Mutual Group, 2019. All Rights Reserved.
- MRC (Mechanical Repair Coverage) acts as an extended warranty for your vehicle.
- It pays for major repairs not covered by your regular warranty or auto insurance.
- It also provides 24-hour roadside assistance and rental car reimbursement.
- In some instances, MRC can even cover emergency travel expenses.
- MRC is inexpensive and can be included in your monthly loan payment when you finance a new or used vehicle.