HOME CONTACT US CALCULATORS
www.ethiconcu.com
Ethicon Credit Union
Loan Rates
>
Share Rates
>
Links & Resources
>
What's New
 
Online Banking          >
Products                    >
Services                    >
About Us                   >
Applications              >
 
 
Guaranteed Auto Protection

YOUR AUTO INSURANCE DOES NOT COVER EVERYTHING

In the event your vehicle is deemed a total loss due to an accident or theft, your auto insurance policy will usually cover only the actual cash value or market value of your vehicle less a deductible. This settlement could be significantly less than the amount you owe to your lender or leasing company. The final result is a financial GAP where you must make up the difference, which could mean thousands of dollars out of your pocket.

PROTECTION THROUGH GUARANTEED AUTO PROTECTION PLUS

Guaranteed Auto Protection Plus is a loan/lease deficiency waiver and is not offered as insurance coverage.

 

 

Guaranteed Auto Protection Plus protects individuals who finance a new or used vehicle from the financial GAP.

In the current market, during the first few years that you own your vehicle, your loan/lease balance can be higher than the actual value of your vehicle, as a result of depreciation. As your vehicle's value declines, your loan/lease balance may decline more slowly, resulting in a financial gap. If your vehicle were stolen or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan/lease balance.

The purchase of Guaranteed Auto Protection Plus is voluntary and cannot be required as a condition of credit approval.

 

 

Guaranteed Auto Protection covers the difference between the actual cash value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges.

Guaranteed Auto Protection may even cover your auto insurance deductible of up to$1,000. The actual amount depends on your credit union's program limits. Ask your lender/loan officer for details.

Guaranteed Auto Protection is administered by a third party provider. Please see our privacy policy for additional information on services offered by third parties.

About Us | Products | Services | Forms & Applications | Privacy Statement | Contact Us | Calculators
National Credit Union Administration
America's Credit Unions
© 2005. All rights reserved.
Equal Housing Lender