Overview

Unfortunately, things don’t always go according to plan. If a member's vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss, auto insurance will cover the replacement value. However, the member remains liable for payment of the difference between the insurance settlement and the remaining loan balance. This deficiency can sometimes amount to thousands of dollars.

MEMBER’S CHOICE® GAP Protection is an affordable way to fill the gap. For just a few dollars per month, your members can protect themselves against this kind of unexpected expense.  When properly positioned and promoted, this coverage can generate significant non-interest income, reduce loss ratios, and help position your credit union as a one-stop shop for all lending related products and services.

Advantages for your credit union:

• Fee income opportunities for your credit union.   
• Provides collateral protection.
• Helps control collection expenses.  

Advantages for your members:

• Protect members from an unexpected financial loss.
• Helps maintain the member's credit rating. 
• Affordable coverage.

Advantages for your employees:

• Complete Training - Staff will receive comprehensive training on the product, quoting and administration system, and proven sales presentation techniques. 
• Administration Software - Our Windows-based quoting, issuance and administration software includes built-in sales activity tracking. 
• On-going Support - Receive on-going support through our Call Center, Technology support through CUNA Mutual Group's Lending Products and Laser Forms Help Desk, and support through our Account Relationship Team.   

Take the next step: 

• Call your CUNA Mutual Sales Specialist at 1-800-356-2644.