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We Offer GAP – For The Unexpected
Guaranteed Asset Protection (GAP) is a voluntary program that we offer for your new or used vehicle loan. This financial protection covers the difference in the balance on a car and its declared value, as determined by your primary insurance carrier, in the event that it is damaged beyond repair or stolen and never recovered. GAP is a supplemental coverage and does not replace your standard Comprehensive, Collision and Liability coverages, only enhances them.
 No matter how terrific a car is, the minute you drive it out of the show room it is worth less. Depending on where you live, the established market value could be less than the actual balance you owe on your car. With GAP, if your car is a loss, the deficiency will be covered. That includes the difference between the market value of the car and the loan balance, less delinquent payments late charges, refundable warranties, and other insurance related charges. It will also cover the insurance deductible up to $1,000 if a deficiency exists.
Plus with GAP Advantage you will receive $1,000 to put towards the purchase of your new vehicle in case your car is totaled or stolen and non recovered and financed at Ball State Federal Credit Union.
Consider; you buy a car. The loan balance after one year is $15,000. The market value is $11,000. Your insurance deductible is $1,000. You total the car, and your insurance company pays $10,000. That leaves a difference of $5,000. $5,000 you would have to pay for a car that you no longer have! With GAP, that $5,000 is paid. Think about it!
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