Your vehicle is an important investment. If it is stolen or declared a total loss after an accident, your auto insurance settlement may not be enough to cover the remaining balance on your loan. That difference could leave you responsible for paying out of pocket for a vehicle you can no longer drive.

GAP helps protect you from that financial shortfall by reducing or potentially eliminating the difference between what your insurance company pays and what you still owe on your eligible vehicle loan.

Protection When You Need It Most

In many cases, vehicles lose value faster than the loan balance decreases. If your vehicle is totaled, your insurance company typically bases its payment on the vehicle’s market value, not the amount remaining on your loan.

Key Benefits of GAP

• Loan Balance Protection: May waive the difference between your insurance payout and the remaining balance on your eligible vehicle loan.
• Deductible Assistance: May include assistance toward your insurance deductible, depending on program guidelines.
• Replacement Vehicle Support: May provide credit toward the financing of a replacement vehicle when financed through Cabrillo Credit Union.
• Added Peace of Mind: Helps protect your finances from sudden out-of-pocket expenses after a covered total loss.

How GAP Plus Works

Here is a simple example of how GAP Plus may apply help if your vehicle is totaled*:

GAP may help reduce the financial impact of a total loss and make it easier to move forward with confidence.

Who Can Benefit from GAP ?

GAP may be a smart option for members financing a new or used vehicle, especially if you are making a smaller down payment, financing a longer term, or purchasing a vehicle that may depreciate quickly.

Eligible vehicles may include cars, trucks, SUVs, motorcycles, boats, travel trailers, motor homes, golf carts, jet skis, and snowmobiles.

Drive with Confidence

GAP is optional protection designed to help you protect your vehicle loan and your finances. When the unexpected happens, Cabrillo Credit Union is here to help you understand your options and move forward with support.

Talk with a Cabrillo team member today to learn more about adding GAP protection to your eligible vehicle loan.

_{*GAP is optional and is not required to obtain credit. GAP Plus may not be available for all loans, vehicles, or situations. Benefits, eligibility, limitations, and exclusions may apply. Your purchase of GAP Plus will not affect your application for credit or the terms of any existing credit agreement. Please consult your financing representative for availability, details, and full program terms. This article is not a contract.}

_{*GAP Advantage is subject to limitations and exclusions, please consult your financing representative to determine if your vehicle is eligible for GAP Advantage.}

_{*GAP Advantage is available in most, but not all states. Replacement vehicle must be financed within a limited time from the date of loss. Please consult your financing representative for the availability and details of this benefit.}

_{*Deductible waiver is available in most, but not all states. Please consult your financing representative for the availability of this benefit.}