All VyStar Offices will be Closed on February 18, 2019, Presidents' Day.
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 Plus. You can sign up for GAP Plus when you apply for a loan at VyStar. For your convenience, the amount will be rolled into your monthly loan payment.
GAP Plus provides $1000 towards purchase of a new vehicle (it cancels the first $1000 from replacement vehicle loan, if financed with us within 120 days of primary insurance company settlement).
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 Plus 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 Plus is highly recommended for anyone who is financing or leasing their vehicle and owe more on their loan than their car is worth. GAP Plus 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 Plus. 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 Plus claim.
If you have GAP Plus but are not insured at the time of the accident, please submit your GAP Plus 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 Plus claim has been approved and processed, your claim check will be directly mailed to your lender and applied to your loan.
In the event of a total loss, GAP Plus is supplemental protection that only helps you cover the cost difference between how much you still owe on your car and how much the vehicle is worth at the time of the accident. GAP Plus provides $1000 towards the purchase of a new vehicle (it cancels the first $1000 from the replacement vehicle loan, if financed with us within 120 days of the primary insurance company settlement.
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) Plus 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 Plus. You should carefully read the contract for a full explanation of the terms. If you choose GAP Plus, adding the GAP Plus fee to your loan amount will increase the cost of GAP Plus. You may cancel GAP Plus at any time. If you cancel GAP Plus within 90 days you will receive a full refund of any fee paid. GAP Plus 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 Plus 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.