Protect Your Investment with GAP Advantage
Guaranteed Asset Protection Advantage (GAP Advantage) protects you against financial loss if your vehicle is damaged beyond repair (totaled) or stolen and not recovered.*
It helps eliminate or reduce the difference between your insurance payout and the remaining balance on your loan—so you’re not left paying off a loan for a vehicle you no longer have. Instead of facing a large balance before you can start shopping for a new vehicle, you could be free and clear.
If you choose to get GAP, a one-time fee is added to your loan, so it’s included in your monthly payments.
How It Works
Let’s say you purchase a vehicle for $25,500. Unfortunately, it’s later deemed a total loss by your insurance provider. At the time of the loss:
Your loan balance is: $23,000
Your insurance settlement is: $20,000
Without GAP, you’d be responsible for the $3,000 difference out of pocket.
With GAP Advantage, you receive:
GAP Benefit: $3,000
GAP Advantage Benefit: $1,000** toward a new loan with JHFCU
This means you're not only protected from a large unexpected expense—you’re also supported as you transition to your next vehicle.
Why Choose GAP Advantage?
✔ Reduces or eliminates "out-of-pocket" expenses for the remaining loan balance after a loss
✔ Get back on the road faster—you can finance a replacement vehicle sooner, with little or no balance carried over from your previous loan
✔ Covers deficiency balances up to $50,000
✔ Offered at a competitive rate compared to other providers
Things to Keep in Mind
- If you choose GAP, a one-time fee is added to your loan and included in your monthly payments.
- GAP Advantage may provide a $1,000 credit toward your next loan when you finance your replacement vehicle through JHFCU.
- Even if your insurance fully covers your loan balance, you may still be eligible for the $1,000 GAP Advantage benefit.
- Claims must be filed within 90 days of the insurance settlement date.
Still thinking it over? You can still add GAP to your loan up to 12 months after the loan's effective date.* (An updated vehicle value is required at the time of purchase to determine eligibility.)
Want to learn more? Ask about GAP Advantage during the loan process—or contact us today to speak with a team member about how this protection can give you peace of mind on the road ahead.
*GAP Advantage considered insurance coverage in some states. 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.
**GAP Advantage amount of $1,000 will be applied to your next vehicle financed at JHFCU.