Protect Your Vehicle
When you drive a newer vehicle, the value of that car or truck can be significantly less than the amount you still owe on the loan. So, if your vehicle is ever totaled, the fair-market-value payout could leave you thousands of dollars in debt. That means you’d be stuck paying off an auto loan for a car or truck you don’t have.
Guaranteed Asset Protection (GAP) Insurance is a way to cover the amount your still owe on your auto loan after a complete loss. That includes an accident or even theft. How fast does your vehicle depreciate? According to Edmunds, the value of most vehicles drops an astounding 78% in the first year, and 46% in the first five years*. That’s a large gap to cover if your car was ever totaled or stolen – making GAP Insurance one of the smartest and affordable insurance products available.
Covering the Financial GAP
Add GAP Insurance to your loan at any branch location, or call 503.397.2376.
*% for a typical vehicle in America. Edmunds, “How long should my vehicle loan be?”, http://www.edmunds.com/vehicleloan/how-long-should-my-vehicle-loan-be.html March 2015. Your purchase of MEMBER’S CHOICE (TM) Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the GAP Waiver Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.