Oh, Deer! Vehicle Coverage

Oh deer, here we are. You just got in an accident (“I swear, that deer came out of nowhere!”) and you’re worried about the loan you have on your now hunk of junk car. “Hopefully the insurance company will pay enough so the loan gets paid off. If not, I don’t know how I’m supposed to finish paying off this loan and get a loan for another car.” Before you start sweating and your hands get clammy, remember there’s something special about your car loan. You, like the responsible adult you are, added GAP insurance to help in just this scenario. 

GAP, also known as Guaranteed Asset Protection, could possibly have the entire loan paid off.  Essentially, this protection takes care of the gap (“Whoa, look at that!) between the amount the insurance company pays and the balance on your loan. Pretty cool, huh? Now, your loan is paid off, but you need another vehicle. PFCU offers GAP Plus which means you can get a $1,000 credit for your next auto loan with PFCU if it’s within 120 days of us receiving the check from your insurance company. Whew, that’s a mouthful!  Bottom line: new loan with us, save money. Of course, with this new loan you’ll probably want to add GAP again, which isn’t bad for a $488 fee that can be wrapped up in the loan.  

But wait, there’s more! GAP is offered on more than just automobiles.  However, you’ll have to call or stop in for that information. Not because I don’t have more space to type, but because we want to talk with our members. So, stop in and let us know the Blog sent you! 

Lisa Lofquist

Member Service Representative III

This blog is not on behalf of Peninsula Federal Credit Union.