Guaranteed Asset Protection (GAP) Plus

GAP Plus Insurance that bridges the GAP

If your vehicle is stolen or damaged beyond repair, GAP Plus can help cover the costs when the vehicle is worth less than what you still owe on your loan. 

GAP Plus Insurance is like an airbag for your auto loan

A supplement to your regular auto insurance policy

Can be purchased for new and used cars, trucks, SUVs, vans, motorcycles, RVs and boats

Affordable coverage can be rolled into your regular loan payments

Don’t let a wrecked vehicle wreck your finances

If your vehicle is totaled or stolen, you might be left owing more on your loan than your insurance will pay. GAP Plus coverage can provide several thousand dollars to make up the difference. 

Here's how GAP Plus works

chart of how GAP plus works

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 remaining $15,000. With GAP Plus, the remaining balance will be paid off that your insurance would not cover.

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) 817-1995.

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