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Vehicle Protection

Did you know that your auto insurance may not cover everything that you expect it to?

In the event that your vehicle is deemed a total loss due to an accident or theft, your auto insurance policy will typically only cover the actual cash value (ACV) or market value (AMV) of your vehicle, less your deductible. This amount could be significantly less than the amount you owe to your lender due to depreciation and current market conditions. The final result is a financial “GAP” where you must make up the difference, which could mean thousands of dollars out of your pocket.

Let us change that with Guaranteed Auto Protection (GAP)

Lanier Federal Credit Union’s Guaranteed Auto Protection Plus (GAP) is a loan deficiency waiver that is not offered as insurance coverage. Guaranteed Auto Protection Plus Protects individuals who finance a new or used vehicle from the financial “GAP”.

The purchase of GAP is voluntary and cannot be required as a condition of credit approval. Guaranteed Auto Protection Plus covers the difference between the actual cash value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges. GAP Plus will even cover your auto insurance deductible up to $500.

As a thank you for purchasing GAP, you will also receive the advantage of Auto Deductible Reimbursement.   Click here for the details!

Vehicle Service Contracts

Are you tired of those high-cost Vehicle Service Contracts from dealers and manufacturers? Then check with your credit union regarding an Extended Service Contract. Generally, the plans available provide similar coverage to the dealer's/manufacturer's plan but can be obtained for significantly less - in some instances hundreds of dollars on a service contract. These service contracts are issued by Integrity Warranty and are accepted by most repair facilities nationwide and may be included in the vehicle financing provided by your Credit Union.

There are many Service Contracts and levels of coverage to choose from: ranging from new cars out to vehicles 20 years old and up to 200,000 miles! Coverage varies depending on level of warranty purchased.

For more information on Vehicle Service Contracts or their products, click here.