Loan Protection & Insurance

What is Guaranteed asset protection?

Guaranteed Asset Protection (GAP) is a voluntary, non-insurance product that helps cover the difference between what your auto insurance pays and what you still owe on your vehicle loan if your car is totaled or stolen.¹

Because vehicles lose value quickly, your insurance settlement may be less than your loan balance. That can leave you paying for a vehicle you no longer have. GAP Advantage helps protect you from that financial gap and may include a $1,000 credit toward your next vehicle when financed with us.²

Why GAP Matters

An unexpected loss can create a real financial setback. GAP helps you:

• Cover the remaining balance on your loan after a total loss
• Avoid paying out of pocket for a vehicle you cannot use
• Reduce the risk of negative equity rolling into your next loan
• Stay on track with your budget and financial goals
• Support your credit by limiting leftover debt 

How GAP Works

If your vehicle is declared a total loss, your insurance company pays based on the vehicle’s current value. In many cases, that amount is less than what you still owe on your loan. GAP helps cover that difference so you are not left paying out of pocket.

Example:

Loan balance: $15,000
Insurance payout: $10,000
Without GAP: You owe $5,000
With GAP: $0 remaining balance

PLUS $1,000 credit towards the financing
of your replacement vehicle!²

Key Benefits of GAP

• Coverage for your loan term, up to 84 months
• May include deductible coverage up to $1,000 where available
• No restrictions on vehicle age, mileage, or model
• Helps reduce out-of-pocket expenses after a loss
• Can help protect your credit and financial stability

GAP Advantage FAQs

Is GAP the same as auto insurance?
No. GAP works alongside your insurance. It helps cover what your insurance does not.

Is GAP required?
No. GAP Advantage is optional and does not affect your loan terms.

1GAP Advantage is subject to limitations and exclusions, please consult a representative to determine if your vehicle is eligible for GAP Advantage.

2If the replacement vehicle is financed with the CommonWealth Central Credit Union that the totaled/stolen vehicle was financed or leased through.

GAP Advantage: Your purchase of GAP Advantage is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us. We will give you additional information before you are required to pay for GAP Advantage. This information will include a copy of the GAP Waiver which will contain the terms and conditions of the GAP Advantage benefit.  There are eligibility requirements, conditions, and exclusions, including a loan-to-value maximum that may cap the benefit you receive from GAP Advantage.  You should carefully read your GAP Waiver for a full explanation of the benefits, rules, terms and conditions of the program. 

Skipped or missed payments, late charges, refundable service warranty contracts, other insurance-related products, and interest charged after the date of loss will be deducted from the GAP settlement.

What is Mechanical breakdown insurance (MBi)?

Mechanical Breakdown Insurance (MBI) helps cover the cost of unexpected vehicle repairs caused by mechanical or electrical failure.

As vehicles become more advanced, repair costs continue to rise. After your manufacturer’s warranty expires, those costs become your responsibility. MBI helps protect you from those expenses so you are not left paying out of pocket for major repairs.

Why mbi Matters

Unexpected repairs can create financial setback. MBI helps you:

•  Cover the cost of major mechanical and electrical repairs
• Avoid large, unexpected out-of-pocket expenses
• Keep your savings and emergency funds intact
• Stay on track with your budget and financial goals
• Drive with more confidence knowing you are protected

How mbi Works

If your vehicle experiences a covered mechanical or electrical breakdown, MBI helps pay for repairs at a licensed repair facility. 

In many cases, claims are paid directly to the repair shop, so you can focus on getting back on the road, instead of managing a large repair bill.

Coverage is available for both new and used vehicles and can often be included in your loan payment for added convenience.

Key Benefits of mbi

• Coverage for new and used vehicles
• Repairs completed at licensed facilities in the U.S. and Canada
• Claims paid directly to the repair facility
• Option for low or no deductible
• Cost can be included in your loan payment
• 24/7 roadside assistance and towing
• Rental car assistance and additional travel-related benefits
• Coverage can be canceled at any time

mechanical breakdown insurance FAQs

What does MBI cover?

MBI helps cover the cost of repairs due to mechanical or electrical failure of your vehicle

When does MBI help the most?

MBI is especially valuable after your manufacturer’s warranty expires, when repair costs become your responsibility.

Where can repairs be completed?

Repairs can be completed at any licensed repair facility in the U.S. or Canada.

Is MBI required?

No. MBI is optional and cannot be required as a condition of loan approval.

Help protect yourself from unexpected repair costs

Vehicle repairs aren’t always predictable—but your financial plan can be. MBI gives you more confidence on the road and more control over your budget.

The purchase of MBI is voluntary and cannot be required as a condition of loan approval.

TruStage® Auto & Home Insurance Program

Designed for credit union members like you, the TruStage Auto & Home Insurance Program provides affordable top-quality protection. You could enjoy discounted rates combined with online convenience and 24/7 claims service.

Get your free quote today or call (855) 483-2149.

TruStage® Auto and Home Insurance program is offered by TruStage Insurance Agency, LLC and issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union. © TruStage Insurance Agency 2017

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