Guaranteed Asset Protection Plus

What Is Member Choice Guaranteed Asset Protection Plus (GAP Plus)?

It's a way to help protect your vehicle loan.  Many times primary auto insurance settlements don't pay off your loan balance.  When you buy a new or used vehicle, there's no way to know if it will be stolen, or totaled in an accident.  With Members Choice Guaranteed Asset Protection Plus, you're protecting your vehicle investment against a possible financial loss.

How Does it Work?

 The $395 fee can be included with your monthly payments or made separately by cash, check, charge or possibly electronic funds transfer.  If there's a difference between what you owe on your loan and the value of your vehicle, GAP Plus will help pay the difference based on the terms of your member agreement.  By taking a few simple steps while signing your loan paperwork, you're helping take responsibility for your financial future.  A MVFCU Loan Officer can show you how.

Note:  You can cancel within 90 days for a full refund.

Why is it Available?

New and used vehicles often depreciate rapidly and vehicle loans are typically getting longer in terms.  There may be a point where you owe more than it's worth.  That's where Members Choice GAP Plus can kick in.  GAP Plus will help cancel the difference between the primary insurance settlement and what you may still owe.  In addition, if your vehicle is stolen or totaled in an accident it will pay you $1,000 towards your next loan with MVFCU when you purchase a replacement vehicle within 60 days of your primary insurance settlement.  Member Choice Guaranteed Asset Protection Plus keeps you prepared for the unexpected.

Did You Know?

79% of people who take out vehicle loans request five to six year terms.  Be sure to bridge the GAP.

GAP Limits


Motor Vehicles


Max Benefit $50,000 $50,000
Max Loan to Value 125% 125%
Max Loan Term 72 months 72 months
Max Loan Amount $100,000


Motor Vehicles Include: Private passenger cars, vans, and light trucks less than 10,000 GVW for commercial or personal use.
Rec Vehicles include: Motorcycle, ATV, snowmobiles or personal watercraft for personal use.


It Pays to Bank Where You’re Part Owner®