Guaranteed Asset Protection (GAP)

Protect Your Investment with GAP Advantage 

Guaranteed Asset Protection Advantage (GAP Advantage) protects you against financial loss in the event their vehicle is damaged beyond repair (totaled) or stolen and never recovered.*

It eliminates or reduces the difference between what the insurance covers and the amount you owe on your loan.  So, instead of paying off a substantial loan balance before you can even think about shopping for a new vehicle, you could be free and clear.  

How it works

You purchase your vehicle for $25,500 and then your vehicle is deemed a total loss by your insurance company. At the time of the loss, your loan balance is $23,000, and the insurance settlement from your insurance company is only $20,000. 

GAP Benefit would be  $3,000.00
GAP Advantage Benefit would be $1,000.00**


What are some of the benefits?

✔ Eliminates or reduces “out of pocket” expenses for the remaining loan balance after loss 

✔ Able to purchase replacement vehicle sooner because there is little or no carry-over balance

✔ May cover a deficiency balance up to $50,000

✔ Available at reduced amount compared to other GAP Advantage providers

Keep in mind

  • GAP Advantage may provide $1,000 towards new loan when you return to JHFCU for replacement financing. 
  • In some cases, the insurance settlement may have covered the loan balance. In this instance, you may still be eligible for the GAP Advantage benefit.
  •  You must have JHFCU file a claim within 90 days of the insurance settlement.
To learn more about this valuable protection, ask about it during the loan process or contact us today

Didn’t purchase GAP at the time of your current vehicle loan? Don't worry, there's still time! You can purchase GAP up to 1 year from the effective date of the loan.  (Vehicle value must be obtained at time of GAP purchase to establish current LTV)


*GAP Advantage considered insurance coverage in some states.
*GAP Advantage amount of $1,000 will be applied to your next vehicle financed at JHFCU. 

Your purchase of GAP Advantage is optional. Whether or not you purchase GAP Advantage will not affect your application for credit or the terms of any existing credit agreement you have with the financial institution. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP Advantage . You should carefully read the contract for a full explanation of the terms.