Some time ago, Charlie Hanset watched from the sidelines as two of his friends experienced the complete loss of their vehicles. One was stolen, the other was totaled in an accident. What he learned forever changed the way he thought about member protection and why he always adds GAP (Guaranteed Asset Protection) to his auto loans.
Why did Charlie suddenly become a GAP advocate? Because his friends had to pay out thousands of dollars for a vehicle they could not drive.
“They were responsible for the difference between what insurance paid out and what they still owed on their loan,” Charlie said.
That difference added up to thousands of dollars each. That’s when Charlie decided to add GAP protection to all of his vehicles that would be worth less than what he owed if they were totaled or stolen.
It was a smart move.
His wife was driving along an area road when a deer bounded in front of her. She did her best to avoid the animal, but in the end the car was totaled. His insurance paid him just under $17,000. It’s what the car was worth. But he still owed nearly $8,000 on the loan. GAP covered the rest of his loan – and gave him a $1,000 bonus when he took out another auto loan at InRoads Credit Union.
“I’ve been a member since 2010, and my folks have been members for even longer. InRoads has always treated me right. This is just another example.”
In all, Charlie and his family drive four Harley Davidson motorcycles, a Camaro, Corvette, Ford truck, Buick, and a Chevy Cruise.
“I tell everyone about the credit union and GAP. It pays to plan ahead.”
Protect Your Financial Future
When you drive a newer vehicle, the value of that car or truck can be significantly less than the amount you still owe on the loan. Guaranteed Asset Protection (GAP) is a way to cover the amount you still owe on your auto loan after a complete loss. That includes an accident or even theft.
Add GAP to your loan at any branch or call 503.397.2376. While you’re at the branch or on the phone, ask about Mechanical Repair Coverage (MRC) to help pay for some of the more common repairs to your older model vehicles that are out of warranty. Coverage includes rental reimbursement, emergency roadside assistance, and towing.