Guaranteed Asset Protection (GAP)

GAP is an insurance policy that covers a member's entire automobile loan balance in the event of total loss (due to collision or theft).  Insurance companies cover insurable chattel loans (passenger autos, vans, motorcycles, jet skis, snow mobiles, boats, recreational vehicles, travel trailers and pick up trucks up to one (1) ton) to the current actual cash value (ACV).  GAP covers the members loan balance responsibility between ACV and the balance owed to PTFCU.  Most loans, where members have financed 80 to 100% of the collateral's purchase price, will have a non-insurance policy covered balance. 

GAP covers eligible loans:  

• Up to $100,000 of GAP coverage
• Up to $50,000 over Actual Cash Value (ACV)
• Up to 150% of manufacturers sale retail price (new autos) or 150% of the average retail book value (used autos)
• Covers a member's loan balance for the length of the PTFCU loan

Contact our Member Service Center today for more information at (866) 773-9835.