Most people learn about GAP risk the hard way. So St. Louis Community offers you the opportunity to avoid this financial burden before it ever happens.
Guaranteed Auto Protection (GAP) safeguards you financially if your vehicle is ever stolen or becomes a total loss as the result of an accident, particularly when you’ve recently purchased an auto. Though you may believe that your primary insurance carrier would pay off any outstanding auto loan balance, that’s often not the case!
Instead, your auto insurance carrier will usually pay only the actual cash value (current market value) of your vehicle, less your deductible. And this amount could be substantially lower than your loan balance, especially for those who purchased with a minimum down payment. In short, you could be stuck paying on a vehicle you no longer have!
That’s why we offer GAP coverage. It eliminates the out-of-pocket expense you would incur to pay off your loan should your vehicle be stolen or totaled. Further, it will even cover your insurance deductible up to $1,000.*
For a minimal cost, GAP insurance can be included as a small addition to your monthly loan payment. And when compared to our competitors, you’ll find our offer to be significantly better in price, for nearly the same coverage.
So we suggest you get wise and get GAP the next time you finance a vehicle with us! Ask your Member Service Representative for full details.
* Deductible coverage is not available in all states.