Truity Credit Union

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Total Loss Protection

In the event of a total loss, we offer both Guaranteed Asset Protection (GAP) and Depreciation Protection Waiver (DPW). The best option for you depends on the equity and the expected depreciation of your new car.
We include Auto Deductible Reimbursement (ADR) in these plans as a complimentary perk for our members.

Auto Deductible Reimbursement (ADR)*

  • Pays up to five hundred dollars ($500) per Loss (UNLIMITED losses per the 3 year coverage period) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title, registration or loan document, AND insured under an Auto Insurance Policy designating the Member as the Named Insured.
  • Loss means an event for which the auto insurance company has approved and paid a collision or comprehensive claim which exceeds the Auto Insurance Policy deductible for the Covered Auto.

Protect Your Vehicle Investment, Not Just Its Value.**

GAP Advantage

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.

Featured Benefits
  • 60-day refundable “free look” period
  • May help to avoid financial hardship and afford a replacement vehicle
  • No model, mileage or year restrictions
  • May prevent a deficiency balance from being added to new loan
  • May help protect credit rating
Depreciation Protection Waiver (DPW)

DPW covers the depreciation of the vehicle. It is a debt cancellation product that in the event of a total loss provides a benefit equal to the difference between the value of the vehicle at the time of coverage enrollment and the loan balance at the time of the total loss. The waiver benefit will not exceed the maximum benefit selected or the outstanding loan balance, whichever is less.

Depreciation Protection is ideal for those who:
  • Finance 85% or less and desire protection and peace of mind
  • Established equity in their vehicles with a down payment, rebate and/or trade-in value
Featured Benefits
  • Coverage can be purchased at anytime
  • 60 day refundable “free look” period
  • No mileage or year restrictions
  • Cancels up to $1,000 of loan balance in the event of Accidental Death

Related FAQs

GAP Advantage

$595one time premium


as low as
$744one time premium

Protection for your Auto Loan

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Protect your credit rating
Avoid financial hardship
Prevents deficiency balance


* Deductible reimbursement is available in most, but not all states. Please consult your financing representative for the availability of this benefit.
**These products are optional. Your purchase of GAP Advantage and DPW is optional. You can only purchase one of these products. Whether or not you purchase one of these products will not affect your application for credit or the terms of any existing credit agreement you have with us.