Routing# 262275835
Protect your investment with Guaranteed Asset Protection
GAP coverage gives you one less thing to worry about
Protect your investment with Guaranteed Asset Protection
GAP coverage gives you one less thing to worry about
GAP helps borrowers and lenders avoid financial loss by waiving all or a portion of the deficiency between a borrower's payoff amount on their auto loan and the determined actual cash value (ACV) of a vehicle in the event that a vehicle is totaled or stolen, up to a certain loan-to-value (LTV) maximum, less exclusions or limitations that may apply. This is a voluntary, non-insurance product.
The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the ACV of the vehicle up to the maximum LTV %.* GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement.
Real-World Example:
Your loan balance is: $15,000
Your insurance company settlement is: $10,000
- Based on your vehicle’s market value: $11,000
- Less your insurance deductible: $1,000
Loan balance remaining without protection: $5,000
Loan balance remaining with protections: $0
*GAP is subject to limitations and exclusions, including but not limited to a LTV maximum.
When you purchase GAP from Redstone, you also receive Auto Advantage, which includes ADR, Personal ID Restoration Consulting and Warranty Vault at no additional cost. You may be reimbursed for your deductible for any loss covered by the borrower’s auto insurance policy for all their non-commercial passenger cars, trucks, or vans.
ADR Requirements are Simple:
• All vehicles are covered that are owned (according to title, registration, or loan documents) and insured by the primary borrower and/or co-borrower.
• Only four-wheel, non-commercial passenger vehicles (cars, trucks, vans) are covered. ADR does not cover motorcycles, boats, and RVs.
• You can file a claim if the amount covered by your main auto insurance is more than your deductible. The claim must already be approved and paid by your main auto insurance. This includes collision and comprehensive claims, and the vehicle must be repaired.
Personal ID Restoration Consulting
Assists you in recovering your name and rightful credit history if you become a victim of fraud or identity theft. Call center consultants will guide you through completing the necessary forms and submitting them to the appropriate parties.
Warranty Vault™
Provides a single, central registration service that allows you to take full advantage of your warranties while you are a member of the Auto Advantage Program.
Must be RFCU® member to obtain any product or service. Must be eligible for membership and open a share savings account to join. A $5.00 minimum balance is required to open and must be maintained in share savings account at all times. Fees and other restrictions may apply.
GAP products are offered through third-party insurance companies, are not Redstone Federal Credit Union® products, and are not NCUA or federally insured. These products are not obligations of Redstone Federal Credit Union and are not endorsed or recommended by RFCU or any government agency. RFCU does not warrant, guarantee, or insure any service or product offered by any third-party insurance company. RFCU and third party insurance companies are separate entities.
*Deductible coverage is available in most, but not all states. Please consult your financing representative for the availability of this benefit. For a complete list of terms and conditions, see the GAP Waiver Addendum. The purchase of GAP is voluntary and cannot be required as a condition ofloan approval. Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credit agreement you have with us. GAP is a loan/lease deficiency waiver and is not offered as insurance coverage. Applies only to collateral financed by RFCU. A fee applies Please contact RFCU at 800-234-1234 for information.
Are you ready to join the credit union that puts you first? Become a member of the Redstone family and you’ll start enjoying the great rates, personalized financial advice, and excellent customer service Redstone is known for.