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Guaranteed Asset Protection

Plans as of

09/12/2019

Guaranteed Asset Protection (GAP) helps protect members against financial loss if their GAP-protected vehicle is stolen or declared a total loss, easing members' financial burden by reducing or eliminating the difference between members' primary insurance settlement and their vehicle loan balance on items directly related to the purchase of the vehicle.

Product Plans

GAP And GAP Plus

 

Motor Vehicle

Power Sport

Watercraft

RV

Single GAP Fee

Refundable

YE S

YES

YES

YES

Single GAP Fee

Non-refundable

N/ A

N/ A

N /A

N /A

Monthly GAP Fee

N/A

N/A

N/A

N/A

Maximum Benefit

$50,000

$50,000

$50,000

$50,000

Maximum Protected Loan term: Loan Amount*

$100,000

$100,000

$50,000

$125,000

Maximum Protected Loan term:

Length of Loan*

72 Months

72 Months

72 Months

72 Months

Maximum Protected Loan term: Loan-to-Value Ratio*

125%

125%

125%

125%

Loan-to-Value Ratio

(Based on) MSRP – for new vehicles

NADA -- Business Guide -- all other vehicles

*Your GAP product will not cancel the member's entire remaining loan balance if the loan exceeds the Maximum Protected Loan Terms. Not applicable to NY or state-chartered credit unions of CO.

What's Eligible? What's Protected?

 

Motor Vehicle

Power Sport

Watercraft

RV

Assets Eligible

New & Used:

Private passenger cars

Vans

Light trucks

20 model years or newer

New & Used:

Motorcycles

All terrain vehicles

Snowmobiles

Personal watercraft

(e.g. jet ski)

New & Used:

Inboards

Outboards

Inflatables

Jet drives

Houseboats

Sailboats

Stern Drives

New & Used:

Conventional trailers

Fifth wheel

Travel trailer

Folding camping trailer

Truck Camper units

Type A, B and C motor homes

Utilization

(in-use for)

Personal & Commercial

Personal

Personal

Personal

Loans Eligible

Loans and leases that are secured solely by an eligible vehicle include:

Traditional closed-end loans

Refinances (from different lender)

Collateral lending (funds used for other purposes)

Open-end loans (draws specific for new and used auto financing)

Loans NOT Eligible

• Balloon loans

• Interest-only loans

• Real estate secured loans

• Signature loans

Incidents NOT Protected

Loss or damage incidents are NOT protected if the protected vehicle was repossessed by, or placed in the possession of, the credit union, its employees, or agents

More Product Details

Member's Payment

Methods

Single Fee - GAP fee is included in member's loan payment OR paid in full with cash, check or credit card payment to your credit union

Primary Insurance

Deductible

Protects up to $1,000 of your vehicle insurance deductible where allowed by state law

Skipped Payment

Protection includes up to 2 skipped payments during the term of the financial agreement. Skipped payments are missed payments that are authorized by your credit union or caused by delinquency

Right to Purchase

Available to purchase anytime during the life of the loan

Deductible Assistance

N/A

Claims Submission

There is no time limit for the credit union to submit a claim from the date the vehicle is declared a total loss

GAP Plus

$1,000 is waived from the loan or lease when the replacement vehicle is financed by our credit union within 120 days after member's primary insurance company issues a settlement check

Termination and Cancellation

Protection Termination

Upon termination of financial agreement
Upon early payoff of the financial agreement by the member
Upon expiration of maximum term limit in the Guaranteed Asset
Upon any claim/deficiency being paid
   Protection Contract (waiver)

Upon vehicle repossession
Upon cancellation of the Guaranteed Asset Protection Contract (waiver)

Member Cancellation

Anytime during life of the loan
All cancellations: member and loan officer complete, sign, and date the cancellation form and submit to CUMIS Insurance Society, Inc
90-Day Trial Period:members have 90 days, from enrollment date, to cancel protection and receive a full refund with no cancellation fee
After 90 days:
Single Fee - Refundable -- Refund is calculated based on your state's predetermined formula

Filing Claims

Information Needed

(copies to include)

GAP

Completed GAP Waiver and Financial Agreement or Lease Agreement
Copy of Primary Insurance Company's Total Loss Settlement Check(s),
Valuation Report and Settlement Breakdown

Copy of the police report for the incident
Primary Insurance Company's Total Loss Worksheet
Original Financial Agreement or Lease Agreement
Loan History Summary
Valuation worksheet
If applicable, proof of proceeds recovered from the
cancellation of refundable items

GAP Plus

Completed GAP Waiver Agreement
Copy of Total Loss Settlement Check(s)
Security Agreement
Copy of financing documents relating to a replacement vehicle

Claim Submission
Options

Online: Go www.cunamutual.com . Click on "My Services", then "Claims" and select Guaranteed Asset Protection (GAP) First Notice of Loss

Fax or Mail: Complete the Claim Submission Form and fax or mail materials

Fax: 800.949.0551
Mail: CUNA Mutual Group Claims Administration - GAP Claims
P.O. Box 669, Waverly, IA 50677-0669

Claims or Member
Eligibility Questions

Phone: 800.557.8955

 

 

 

 

 

 

 

 

 

 

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