Protect Your Investment
With Guaranteed Asset Protection (GAP) with Auto Deductible Reimbursement (ADR), or Depreciation Protection Waiver (DPW) coverage from WSSC FCU, you can protect yourself financially in case of a total vehicle loss. GAP covers most or all of the difference between what your insurance pays and what you owe, ADR reimburses up to $500 of your deductible, and DPW covers the depreciation gap on your vehicle’s value.
Other benefits:
Our GAP coverage, at $500 is significantly cheaper than the alternatives sold at dealerships.
If there is a GAP claim paid on a vehicle you have financed with the credit union and you purchase a replacement vehicle and finance it with us within 90 days of the primary insurer’s payment on a total loss claim, you are eligible for GAP Advantage. GAP Advantage will pay $1,000 toward the principal balance on the new loan.
Auto Deductible Reimbursement lasts for 3 years from the date of the purchase of your GAP coverage and will reimburse you for up to a $500 deductible on any damage claim you file where your primary insurer pays on the claim. This coverage extends beyond the vehicle you purchased the GAP for to include all vehicles for which you appear on the title.
Guaranteed Asset Protection (GAP) FAQs
What is GAP?
GAP helps cover the difference ("gap") between the outstanding loan balance and the amount your insurance pays if your vehicle is totaled or stolen. This protects you from owing money on a vehicle you can no longer use.
What are the benefits of GAP?
- Covers the loan balance your primary insurance doesn’t pay
- Low-cost coverage for up to 84 months
- Includes deductible coverage up to $1,000 (availability varies)
- Protects your credit by eliminating the deficiency balance after a total loss
Can I purchase GAP from a dealership?
Yes, but GAP through WSSC FCU is typically more affordable than dealership plans.
How is GAP paid for?
GAP is usually included in your loan payments. You may also have the option to pay upfront.
Can I add GAP after my loan starts?
Yes, you can add GAP after loan origination, though it’s recommended within the first 18 months.
Is GAP transferable if I refinance or get a new vehicle?
No, GAP is non-transferable to new loans or vehicles.
How do I file a GAP claim?
Contact WSSC FCU with a copy of your insurance settlement. GAP will pay the covered balance directly to your loan.
What is GAP Advantage?
GAP Advantage provides an additional $1,000 toward financing a replacement vehicle if your current vehicle is totaled, as long as you finance through WSSC FCU within 90 days.
What vehicles are eligible for GAP?
GAP covers new and used cars, vans, SUVs, and light trucks up to 1 ton. Salvage/reconstructed titled vehicles are not eligible.
Does GAP cover my deductible?
Yes, GAP includes your deductible as part of the unpaid loan balance up to $1,000 (availability may vary by state).
Does GAP replace my collision or comprehensive insurance?
No, GAP supplements your insurance by covering the remaining loan balance after your insurance payout, but it does not replace primary insurance.
