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Auto Protection (GAP & MBP)

Our car. For most of us, it's a pretty big part of our lives; it gets us to work, it chaufeurs the kids around, it takes us out for a night on the town. But let's face it, they're not cheap – so why not protect your investment? Luckily, it's not that hard, thanks to these …

GUARANTEED ASSET PROTECTION (GAP)*

The most dangerous time to drive has nothing to do with hours of the day, or months of the year. It's the first few years you own your vehicle, when your loan debt is still high. Say your car's stolen, or it's in an accident and can't be repaired – you could owe thousands more than your insurance covers. GAP covers that insurance "gap" for you making up the difference between what insurance covers and the amount you owe. And GAP's not just for cars, trucks and SUVs – it's also available for motorcycles, travel trailers, watercraft and motorhomes.†

Here's how it all works … say you owe $14,000 on your vehicle, and it's damaged beyond repair in an accident. After subtracting your deductible, your insurance company awards you $11,000 for the damage. Where does that leave you?

Without GAP – you'd have to pay the remaining $3,000 loan balance out-of-pocket:

  • Your loan balance ......................................... $14,000
  • Your insurance pays ................................... <$11,000>
  • YOU pay the remaining loan balance ............... $3,000 (out-of-pocket)

With GAP – same scenario as above, but instead of out-of-pocket expenses, your remaining loan balance gets paid … PLUS you get an additional $1,000 to finance a replacement vehicle:

  • Your loan balance ......................................... $14,000
  • Your insurance pays ................................... <$11,000>
  • GAP pays remaining loan balance ................ <$3,000>
  • Your out-of-pocket expense ........................... $0
  • GAP additional benefit (for replacement) ......... $1,000!

Seems pretty clear that GAP not only closes the gap, but it puts you out ahead! visit any branch or call 888.800.3328, Option 2, to speak with our Lending Department.

 

MECHANICAL BREAKDOWN PROTECTION (MBP)*

The average new car is out of warranty in just two and a half years, and with advanced electronics and "integrated systems," repairing or replaceing parts is more expensive than ever … and that's not even considering labor costs! Unfortunately as time goes on, the likelihood of mechanical failure of your vehicle is inevitable.

However MBP, also known as Major Mechanical Protection (MMP), helps you protect yourself against the expense of future costly repairs. The total cost of MBP for new and pre-owmed vehicles is often far less than the cost of a single repair! Pay for MMP once, and in most cases you'll not have to pay anything more than a small deductable should a breakdown occur.

Protecting your investment is more than just fixing things when they break (though that's great too), that's why MBP includes the following additional coverage benefits …

  • 24-Hour Roadside Assistance: towing, lost key, lock-out and other road services
  • Rental Vehicle Assistance - coverage for alternate transportation expenses**
  • Tire Protection - repairs and/or replacement**
  • Trip Interruption - reimbursment for meals and lodging up to three days if you're stranded because of covered breakdown more than 100 mi. away from home.

You don't need a new car to get new-car peace of mind! To learn more about MBP, visit any branch or call 888.800.3328, Option 2, to speak with our Lending Department.

 

*GAP and MBP/MMP are considered insurance coverage in some states. MBP/MMP coverages vary and may not be available depending on the provider and/or plan chosen.

†Your purchase of GAP is optional. Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credi agreement you have with First Entertainment Credit Union. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP. You should carefully read your contract for a full explanation of the terms.

**Additional coverage details dependent upon your MBP/MMP coverage plan.

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