Guaranteed Asset Protection (GAP) Plus with Deductible Assistance

Drive With Confidence With Financial Protection on Your Vehicle Loan

If your vehicle is deemed a total loss due to an accident or theft, there can be a significant gap between what you owe on your loan and what your insurance will cover. GAP is an optional vehicle loan protection when your auto insurance may not cover your wrecked vehicle.

GAP Plus With Deductible Assistance:
  • May reduce or eliminate the shortfall between what your vehicle insurance will cover and what you owe on your loan if your vehicle is deemed a total loss.
  • Can help reduce your next loan at the credit union, making it easier to get the replacement vehicle you need.
  • Provides financial relief when your vehicle is damaged, but not deemed a total loss. If auto repairs cost more than your deductible, the deductible amount is applied to your loan, reducing what you owe.

Help Protect Your Vehicle Loan With GAP

A supplement to your regular auto insurance policy

GAP Plus can be purchased for new and used cars, trucks, SUVs, vans, motorcycles, RVs, and boats

GAP Plus with Deductible Assistant can be purchased for new and used cars, trucks, SUVs, and vans

Affordable coverage can be rolled into your regular loan payments

Here’s How GAP Plus With Deductible Assistance Works:

If your vehicle is totaled or stolen, you might be left owing more on your loan than your insurance will pay. Imagine you took out a Monterra Credit Union auto loan for $20,000 and you paid back only $5,000 when your car was totaled. Your insurance may not pay off the remaining $15,000. With GAP Plus, the remaining balance that your insurance wouldn’t cover will be paid off. Don’t let a wrecked vehicle wreck your finances. Deductible Assistance is an extra $1,000 benefit for motor vehicles only. It’s designed to cancel a portion of the loan debt when a vehicle is damaged, but not deemed a total loss. If repairs cost more than the member’s primary insurance deductible, an amount equal to that of deductible, up to the product limit, is applied to the member’s loan, reducing what is owed.

Load Balance - Insurance Settlement graph 

Refund of GAP waiver charges

As of January 1, 2023, any person who purchased a Guaranteed Asset Protection (GAP) Waiver from a dealership, as part of the conditional sale contract at the time of purchasing a vehicle is generally entitled to a refund of the unearned portion of the GAP Waiver charges on a pro rata basis upon early termination of their conditional sale contract or early cancellation of the GAP Waiver. To determine the amount of any refund available to you, please contact the GAP Administrator (the dealership where you purchased your car) which is identified within the GAP Waiver. The GAP Waiver is included with the documents provided to you at the time of purchasing your vehicle. If you financed your loan and purchased GAP PLUS through Monterra Credit Union and paid off your auto loan within 90-days of your loan funding, you may be entitled to a refund on your GAP Plus policy. Please contact [email protected] or by calling (650) 817-1955.

Optional financial protection on your vehicle loan that helps you drive with confidence.
Contact us today at (650) 363-1725, option 2 about how we can help protect you from sudden out-of-pocket expenses with GAP Plus with Deductible Assistance.

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GAP, which includes deductible assistance, is not insurance; it is an optional debt cancellation product. GAP 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 the amount financed under your contract 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, IN, 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 purchase 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.

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