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GAP Advantage

If your vehicle is totaled or stolen, your insurance payout could be far less than what you still owe on your loan. We can help with that.

Guaranteed Asset Protection Advantage (GAP Advantage) covers the “gap” between your vehicle’s value and the amount you owe. It’s a one-time cost, and you can pay it with your loan.

If something did happen to your vehicle, here’s what you could be facing:

Without GAPWith GAP
Your loan balance $20,000 $20,000
Insurance settlement $16,000 $16,000
You still owe $4,000 $0
GAP covers - $4,000
+ $1,000 credit*
*Credit toward replacement vehicle financed through SELCO.

GAP Advantage is available for new and used:

  • Cars, vans, trucks
  • Motorcycles, ATVs, snowmobiles
  • Boats, jet skis
  • RVs, travel trailers
  • Golf carts

The purchase of Guaranteed Asset Protection (GAP) Advantage is voluntary and will not affect your application for credit or the terms of an existing credit agreement you have with SELCO. GAP Advantage is a loan deficiency waiver and is not offered as insurance coverage, though GAP may be considered insurance in some states. We will give you additional information including a copy of the GAP waiver containing the terms and conditions of GAP before you are required to pay.

Insurance products and services are offered through and underwritten by SELCO Group Inc., dba SELCO Insurance Services, a wholly owned subsidiary of SELCO Community Credit Union. Business conducted with SELCO Group Inc., dba SELCO Insurance Services, is separate and distinct from any business conducted with SELCO Community Credit Union. Products offered through SELCO Group Inc., dba SELCO Insurance Services, are not NCUA/NCUSIF or otherwise federally insured, and are not guarantees or obligations of SELCO Community Credit Union. Any insurance required as a condition of an extension of credit by SELCO Community Credit Union may be purchased from an agent or insurance company of the member’s choice.