Probably not, which is why UnitedOne is happy to make Guaranteed Asset Protection available to you.  GAP is a very affordable protection program that covers the difference between your vehicle’s insurance settlement amount (actual cash value) and your loan amount in the event your vehicle gets totaled in an accident or stolen.

Often times borrowers will owe more than what their vehicle is worth at the time of the incident, making them personally responsible to the lender for the monetary difference after an insurance claim is paid.  Plus there’s always a deductible to consider, and GAP covers that, too (up to $1,000).  For example:

Your loan balance                                          $15,000

Insurance settlement (actual cash value)       -  $12,000

                                                                     $  3,000  (amount you'd be responsible for paying off your loan)

Your insurance deductible                       +   $      500

GAP Payment Made on your Behalf        $  3,500

This valuable protection is now available on any new or existing UnitedOne loan for cars, trucks, vans, SUVs, motorcycles, ATVs, boats, snowmobiles and other vehicles not used for business purposes.  Our most popular protection option is just $349!  On a five-year loan this comes to less than $6 per month.  GAP coverage can be rolled into your loan if you’d like, or you can pay it in cash.

Remember, the moment you drive a new vehicle off the lot it depreciates in value – GAP protects your loan investment AND your personal savings that you’d need to dip into if something did happen.  Please contact any UnitedOne office today for more information or to get your loan covered.