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Guaranteed Asset Protection (GAP)

A vehicle is an investment worth protecting. If you are in an accident, if your car gets stolen, or if your car is deemed a total loss for any other reason, you could lose more than just your car, you could end up owing money on your vehicle loan as well. Protect yourself and your investment with Guaranteed Asset Protection (GAP).

What is GAP?

GAP is a Debt Cancellation product designed to protect members against financial loss in the event their vehicle is stolen or declared a total loss by their insurance company. Cars depreciate in value rapidly. If your car is deemed a total loss, the auto insurance company issues a settlement for the value of the vehicle at the time of the incident. In many cases, the amount the vehicle is worth is not enough to cover the payoff of the vehicle loan. GAP pays the difference so you don't have to pay anything out of pocket (subject to coverage limits).

Here is an example of how GAP could work:

  • Loan balance after one year $20,000
  • Value of car after one year $15,000
  • Insurance settlement $15,000
  • Balance of vehicle loan $5,000
  • GAP pays $5,000
  • You owe $0


  • Offers security
  • May save you money
  • Protects your valued credit rating
  • Eliminates the need to carry over the deficiency to the new vehicle loan or to pay on car you no longer have
  • Provides peace of mind
  • Protection can be added at any time

Eligible & Non-Eligible Vehicles for Protection

  • Motor Vehicles (new and used cars, vans and light trucks) - Up to $100,000

  • Non-Eligible: classic/vintage vehicles and salvage or rebuilt vehicles

GAP Eligible Loans

  • New or used vehicle closed-end loans

  • Loan secured with vehicle as collateral

  • Open-end loan used to purchase a vehicle

Get Started

To add GAP to your vehicle loan, contact us at 1-800-226-6428.

Questions? Ask McClever.

  • 1-800-226-6428 |
  • Routing Number: 226077943 |
  • NMLS# 407684
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