Guaranteed Asset Protection (GAP)

Unexpected events can happen at any time. If your vehicle is stolen or damaged beyond repair, your auto insurance settlement may not fully cover what you still owe on your loan.

Guaranteed Asset Protection (GAP) helps protect you from this financial risk by covering the difference between your insurance company’s settlement and your remaining loan balance.

GAP is optional and available for qualified auto loans through Connect Credit Union.

Smiling car dealership representative holding paperwork and giving a thumbs up

Connect Credit Union offers optional GAP coverage for qualified auto loan borrowers across Florida, including Fort Lauderdale, Miami, Stuart, Broward County, Miami-Dade County, and Martin County.

Protects

Your Credit

Rating

Helps Cover

Unpaid Loan

Balances

Provides

Peace Of

Mind

Toy car on financial paperwork while reviewing auto loan protection costs

What Is Guaranteed Asset Protection?

Guaranteed Asset Protection, commonly called GAP, helps cover the difference between:

Your vehicle’s Actual Cash Value (ACV), as determined by your insurance provider
The remaining balance that you owe on your auto loan

If your vehicle is declared a total loss or is stolen and not recovered, GAP may help prevent you from having to pay thousands of dollars out of pocket.

In many cases, GAP may also help cover your insurance deductible, depending on state regulations and plan terms.

Why GAP Coverage Matters

Vehicles begin losing value as soon as they leave the dealership. In many cases, depreciation happens faster than loan balances are paid down.

Without GAP, you could be responsible for the remaining balance after an insurance settlement.

GAP coverage helps protect you from:

Large out-of-pocket expenses
Unexpected loan balances after a loss
Potential damage to your credit
Delays in purchasing a replacement vehicle

Toy car on stacks of coins representing vehicle value and depreciation

Dealer handing over car keys during a vehicle purchase

Benefits of GAP Protection

Choosing GAP through Connect Credit Union offers valuable financial protection:

Helps cover unpaid loan balances after a total loss
May include deductible coverage in most states
Protects your credit rating from unpaid balances
Helps you move forward sooner after a loss
Affordable cost that can be included in your loan payment

All coverage is subject to terms, conditions, and eligibility requirements.

Apply for an Auto Loan

Who Should Consider GAP Coverage

GAP may be especially helpful if you:

Finance a new or late-model vehicle
Make a low down payment
Choose a longer loan term
Drive in high-traffic or high-theft areas
Want added financial protection

If you value protecting your investment and minimizing financial risk, GAP may be a smart addition to your auto loan.

Family sitting in a vehicle protected by optional GAP coverage

Affordable Protection That Fits Your Budget

GAP coverage is typically available at a low cost and can often be financed as part of your auto loan. This means you may be able to add protection for only a few dollars per month.

Ask a loan officer for current pricing and eligibility details.

Frequently Asked Questions

No. GAP works alongside your primary auto insurance policy. You must maintain full coverage insurance while your loan is active.

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We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government by the National Credit Union Administration, a federal agency