Guaranteed Asset Protection (GAP)*

Get Added Coverage Following a Total Loss

Clear the “gap” between what your car was worth before it was totaled or stolen, and what you may still owe on it.

Don’t Pay for a Car You Can’t Drive Anymore

Guaranteed Asset Protection (GAP), an optional product that provides peace of mind in the face of unforeseen events. Designed to step in where primary insurance may fall short, GAP is there to bridge the gap between the borrower's remaining loan balance and the settlement from their insurance carrier in the event of a total loss or unrecovered theft.

Access Low Fees for MCU Members

Guaranteed Asset Protection is available to MCU members for a one-time fee of $530. This protects you from having to maintain payments toward your car if you get in an accident.

Don’t Lose Out on Protection

MCU offers Guaranteed Asset Protection so members who drive every day or drive for a living can stay afloat after an accident. You can add this coverage to an existing auto loan for the full term of the loan.

Get a Break on Payments Post-Accident

If you’re in an accident that totals your car, Guaranteed Asset Protection will immediately cover any payments on your vehicle loan that are up to 90 days past due at the time of loss, not including late fees you owe.

How Much Does GAP Protect?

Here's a hypothetical example to demonstrate how much you're insuring when you purchase GAP protection for a vehicle you already drive (keep in mind that this is only an example and is not being presented as terms of any actual plan).

Example: How GAP Works

Let's say your total remaining loan balance is $15,000. That's how much you still owe your creditor for the car you already drive. If you were to get in an accident, you might receive a $10,000 payout from insurance to replace your damaged car because of its depreciated value.

Even with auto insurance, your remaining balance you'd still owe to your car loan creditor would be $5,000.

$15,000 (loan balance) - $10,000 (insurance claim) = $5,000 (GAP coverage)

This is where Guaranteed Asset Protection can save you thousands. Your GAP plan would cover the remaining balance of your loan, in this pretend example, that's $5,000 you get covered.

What’s the Total Payout after a Crash?

Consider the example above. Depending on how much your car is worth, what your remaining loan balance is, and how much (if anything) your current auto insurance will cover if you get in a crash, you could save money in the long run.

Essentially, if you spend $530 on protection, you get out of paying $5,000 or more for a car you can't drive due to an accident.

Is It Worth It If I’m a Safe Driver?

In short, yes. If you drive often, for your weekday commute or for long trips, you'd end up saving money on your car loan by purchasing Guaranteed Asset Protection on your car due to the higher probability of an accident. Similarly, remember that if your car is a luxury vehicle or brand new, the depreciation could be even greater.

Serving All the Heroes in Our Community with Better Banking

Whether you want to start building credit, or start growing your savings, your assets, or your family, MCU has a variety of products with competitive rates, member-friendly terms, and the tools you need to build an exceptional financial future.

Checking Accounts

Managing your everyday banking has never been easier. Get paid instantly with direct deposit, manage your money on the go, enjoy easy ATM access, and get real-time transaction updates to keep you on track while you spend.

Savings Accounts

MCU’s savings products make sure each dollar is working harder for you. Whether you’re saving for something specific or just putting money away for a rainy day, MCU has you covered with great rates and a variety of savings options.

IRAs

MCU members can prepare for their financial futures with fixed or variable rate options on both traditional IRAs (designed to allow you to make pre-tax contributions) and Roth IRAs (designed to allow for tax-free qualified distributions upon retiring).

Credit Cards

From building credit to getting cash back on your everyday spending, our VISA^® credit card options are designed to meet all of our members’ credit needs. Ready to start swiping? Apply today.

Lending Products

Whether you’re looking to buy a car or a home, pay for something urgent, or finance a special project, MCU has member-friendly terms and low rates for your next big purchase.

Member Resources

Our educational resources are designed to guide you through life’s financial ups and downs with actionable tools and information to help you meet your specific goals.

No Matter Where You Are in Life, We’re Right There with You

At MCU, we believe that a credit union should be a lifelong source of financial education and support—from planning for college to saving for retirement and everything in between.

That’s why we have specialized recommendations for products and services designed to help you meet your goals (both short-term and down the road), based on your changing needs and priorities.

Get the Most Out of Your MCU Membership

Membership in our community is about more than just banking. As an MCU member, you can access valuable information and resources to help you plan and reach your financial goals.

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Guaranteed Asset Protection (GAP)*

Get Added Coverage Following a Total Loss