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GAP Advantage

GAP Advantage protects against the hardships of your vehicle being stolen or totaled due to an accident. In these unfortunate events, sometimes a borrower can owe significantly more than the value of the vehicle — this is known as the “gap.”

GAP Advantage is designed to cover the difference in the vehicle value and the balance of your loan. In some cases, GAP can even provide an additional $1,000 toward the purchase of a replacement vehicle when your vehicle is totaled and a new loan is opened at Truity Credit Union.

Protect Your Vehicle Investment, Not Just Its Value.*

You could lose more than your vehicle, boat, motorcycle, or RV if it is stolen or involved in a major accident. You could lose your investment. Because most insurance policies only cover the value of your vehicle – something that rapidly declines during the first few years of ownership – your loan or lease balance could be higher than the value of your vehicle.
Now you can protect your vehicle, boat, motorcycle, or RV investment with Guaranteed Asset protection (GAP). GAP is a non-insurance product and is made available via a loan/lease deficiency waiver that covers the "gap" between the vehicle's value and the amount you still owe. Essentially, GAP protects you and your entire investment from substantial loss.

What Does GAP Cover?

GAP was designed for all drivers, whether you finance or lease a new or used vehicle. It covers automobiles, vans, light trucks, motorcycles, boats, travel trailers, motor homes, golf carts, jet skis, snowmobiles and almost any other vehicle.** GAP coverage goes into effect when you need it most – when your vehicle is stolen and isn't recovered, or is totaled in an accident and can't be repaired.
GAP covers the difference between your primary carrier insurance settlement and the payoff of your loan or lease up to 125 percent of current retail value, less delinquent payments, late charges, refundable service warranty contracts, and other insurance related charges. Included in this difference is your insurance deductible, which is limited to $1,000.***
GAP coverage for autos, trucks, SUVs and motorcycles is a one-time cost of $495.

Related FAQs

GAP Advantage

$495 one time premium

Protection for your Auto Loan

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Protect your credit rating
No out-of-pocket expenses
Avoid financial hardship
Prevents deficiency balance


*This product is optional. Your purchase of GAP Advantage is optional.  Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
** Please consult your financing representative to determine if all of these collateral types are eligible for GAP protection.

*** Deductible reimbursement is available in most, but not all states. Please consult your financing representative for the availability of this benefit.