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Members First Credit Union of Florida is ready to put you on the path toward your next adventure, whether you plan on getting there by land or by sea. We offer finance or refinance loan options for:
Depending on the type of vehicle you are financing, you may be eligible to purchase Guaranteed Asset Protection (GAP) to protect your loan.
In most circumstances, your vehicle is worth a lot less the second you drive off the lot. Protect the investment made in your vehicle with GAP.
What is GAP?
Guaranteed Asset Protection, or GAP, is a voluntary, non-insurance program offered as protection on a new or used vehicle that is financed or leased. It is a supplemental benefit that enhances, rather than replaces, your standard comprehensive, collision, or liability coverage. GAP waives the difference between your primary insurance carrier's settlement and the payoff of your loan.1 In other words, it protects the "gap" between your vehicle's value and the amount you still owe in the case it is damaged beyond repair or stolen and never recovered.
How does GAP Work?
Depending on where you live, the established market value of your vehicle could be less than the actual balance you owe. In the event of a total loss or theft, GAP waives the difference between your primary insurance carrier insurance settlement and the payoff of your loan or lease, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges.2 Included in the deficiency balance is the deductible up to $1,000.
GAP Protection Benefits:
- Protection for the term of your loan up to 84 months
- Coverage for vehicles valued up to $100,000 at time of purchase
- Payment of benefits up to $50,000
- Coverage for auto insurance deductibles up to $1,000.00
- Benefits for new or used vehicles, including cars, light trucks, motorcycles, boats, RVs, and some other motorized vehicles
- Bonus: Free Auto Deductible (ADR)
ADR Protection Benefits (Included with our GAP Protection):
- Pays/Reimburses up to $500/per loss (unlimited losses per year) when a loss is filed and paid by the Auto Insurance Company for the Covered Auto.
Need More Details?
For more details or to add this important protection product to your loan, call us at (850) 434-2211 or email us.
1 Less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. 2 Subject to other applicable exclusions and limitations.
BOAT/MOTORCYCLE/RV LOAN RESOURCES
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The annual percentage rate (APR) you pay will be based on the number of months your loan is financed, the loan type, and your credit history. The APR will be disclosed prior to an advance being made on a loan. Rates are subject to change. Loan terms may vary based on value and type of collateral.
*APR = Annual Percentage Rate. All rates are subject to change. Rates and terms are based on individual credit worthiness. Contact a Call Center Representative at (877) 434-6328 or locally at (850) 434-2211 for complete loan terms.
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