Peace of mind for every mile.
If your car is totaled or stolen, GAP1 may help cover the difference between what your auto insurance pays and what you still owe on your loan.
Close the Gap: Protect Your Finances from the Unexpected
If your vehicle is declared total loss due to accident or theft, your primary insurance may only pay the current market value—which may be less than what you owe on your loan.
Guaranteed Asset Protection (GAP) is an optional debt cancellation product designed to help cover the difference between your insurance settlement and your remaining eligible loan balance, subject to program limits and terms, so you’re not stuck paying for a car you no longer have.1
Benefits include low one-time cost added to your loan, protection for new or used vehicles valued up to $100,000, plus up to $1,000 toward the down payment on your replacement vehicle — when the new loan is financed with OAS FCU.
Ideal for members financing 80% or more of their vehicle’s value, or with longer-term loans — GAP helps protect your budget from unexpected loss.1
Benefits at a Glance
Cover the “gap” between your loan balance and your vehicle’s actual value if totaled or stolen:
Protection lasts for the life of the loan, up to 84 months
Eligible for vehicles with a loan amount of up to $100,000
Reduces up to $50,000 toward the remaining loan balance in the event of a covered loss.
Low, one-time cost added to your loan — no recurring payments.
Who It’s Best For
- Members with a small down payment or long-term auto loan.
- Anyone who wants extra financial protection from unexpected total loss or theft.
Enrollment
Add GAP protection when you apply for your OAS FCU vehicle loan — or contact our Lending Department if you already have an active loan and wish to add it.1
FAQs
GAP (Guaranteed Asset Protection) 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.
If your vehicle is totaled or stolen, your auto insurer typically pays only the current market value. GAP pays the remaining balance of your OAS FCU loan (up to the protection limits), so you don’t carry that financial loss.
GAP lasts for the life of your loan, up to 84 months, as long as your loan remains open and in good standing.
Members financing a new or used vehicle through OAS FCU may be eligible.
The best time to add GAP is when you apply for your vehicle loan. If you already have an OAS FCU auto loan, contact our Lending Department to check eligibility for adding protection after the loan has been funded.
No. GAP protection is completely optional and will not affect your loan approval or terms.
Yes. You can cancel your GAP at any time by contacting Member Services.
If your vehicle is totaled or stolen, first file a claim with your insurance carrier. Once that process is underway, please notify our Lending Department of your loss — they’ll coordinate directly with the claims administrator to guide you through the next steps.
Because accidents happen — but financial stress doesn’t have to.
Protect yourself today with GAP1 protection that gives you confidence on every drive.
Disclosures
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GAP is provided through a third-party administrator (© TruStage). OAS FCU does not insure, underwrite, or administer GAP claims and is not responsible for the administration of the program. GAP is not insurance; it is an optional debt cancellation product. GAP will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP Fee to the amount financed under your loan will increase the cost of GAP because there will be additional interest due based on the inclusion of the GAP Fee in the loan principal amount. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid, if no benefits have been provided. Prices of the refundable and non-refundable products are likely to differ. If you purchase a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee, if no benefits have been provided. GAP-8759923.1-0226-0328