The minute you drive a new car off the lot, its value decreases, though you still owe the full value of your loan. Having full collision and comprehensive coverage on your car doesn't necessarily mean it will be replaced at no cost to you if your vehicle is totaled. You could end up paying thousands because of the difference between the actual value of your car at the time of the accident and the amount you still owe on the loan.
Help protect yourself by covering this difference with GAP. You can sign up for GAP when you apply for a loan at VyStar. For your convenience, the amount will be rolled into your monthly loan payment.
If you happen to get into an accident in which your car is totaled, most insurance policies will only cover you for the current value of your vehicle—which, depending on how new your car is, could be a lot less than the amount you still owe on your car loan. (Remember, your new car’s value begins to depreciate as soon as you drive it off the dealer’s lot!) That means you could be responsible to pay that cost difference out of your own pocket. GAP is designed to give you peace of mind in the event of a total loss by protecting the difference between your insurance settlement and the remaining balance of your car loan, potentially saving you thousands of dollars.
For more information or to get started, talk to a VyStar Representative today. Call (904) 777-6000, 1 (800) 445-6289 or stop by any VyStar branch.
GAP is highly recommended for anyone who is financing or leasing their vehicle and owe more on their loan than their car is worth. GAP may help protect that difference in the event their car is totaled.
Those who owe less on their loan than their car is worth and those who own their car outright may not need GAP. In that case, your standard car insurance policy alone may cover the costs of your loss.
If you have both car insurance and GAP and your car has been totaled, please notify your insurance carrier immediately to submit your insurance claim. Then, once you have reached an insurance settlement, please call (904) 777-6000 or 1 (800) 445-6289 to speak with a VyStar representative, or stop by a VyStar branch near you to submit your GAP claim.
If you have GAP but are not insured at the time of the accident, please submit your GAP claim as soon as possible.
Please remember to continue making your car loan payments while you are working through the claim process.
Once your GAP claim has been approved and processed, your claim check will be directly mailed to your lender and applied to your loan.
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with Us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee.