Close the Gap If the Worst Happens
If your vehicle is totaled or stolen, GAP coverage can help cover the difference between what you still owe and what insurance actually pays.
What GAP Coverage Is
GAP stands for Guaranteed Asset Protection. Standard auto insurance only pays a vehicle’s current value, which can be less than your loan balance, especially early in a loan. GAP covers that difference, and GAP Plus goes further by reducing your next Waypoint loan when you replace the vehicle.
Covers the Difference, Not the Whole Loss
If your vehicle is totaled or stolen, GAP reduces or eliminates the shortfall between your insurance settlement and your remaining loan balance. Eligibility requirements and exclusions apply.
Includes Deductible Assistance
If your vehicle is damaged but not totaled and repairs cost more than your deductible, the deductible amount is applied to your loan, reducing what you owe.
How the Fee Is Paid
The GAP fee can be paid upfront or rolled into your vehicle loan. Financing it costs more overall, since interest accrues on the fee over the life of the loan.
Is GAP Right for You
GAP tends to matter most on newer loans with a small down payment, where a total loss could otherwise leave you paying for a car you no longer have.
- A current or upcoming Waypoint vehicle loan
- A conversation with a Waypoint representative about your specific loan
Frequently Asked Questions
Is GAP required to get a vehicle loan?
No. GAP coverage is optional and isn’t required to obtain a loan or extension of credit from Waypoint Credit Union.
Ask Before You Sign
It’s easiest to add at closing.
Talk with a Waypoint representative about whether GAP coverage makes sense for your loan.
Important Disclosures
GAP coverage is optional. It is not required to obtain any loan or account with Waypoint Credit Union.