Guaranteed Auto Protection


Guaranteed Auto Protection or "GAP" is Total Loss Protection...and then some.

The moment you drive your brand new vehicle off of the lot, it depreciates about 20% on average. And you can count on roughly a 15% decline in value each year for the next four years. If your vehicle is stolen or damaged and deemed a total loss, you are responsible for paying the difference between what you owe and what your insurance company says your vehicle is worth. GAP can help cover the difference and potentially save you thousands of dollars. And now, if purchased via HTFFFCU, GAP comes with Auto Deductible Reimbursement* which pays up to five hundred dollars ($500) per loss (UNLIMITED losses per year) when a loss is filed and paid by the Auto Insurance Company for a covered auto the member owns or leases. It also pays $1,000 toward the balance of new loan if financed with the credit union within 30 days.

*To learn more about Auto Deductible Reimbursement, speak with a HTFFFCU Representative!

To help you understand the truth about GAP, we’re busting the common myths and misconceptions:

  • MYTH #1: I can only buy GAP with a car loan.
    No, no, no! You can have GAP regardless of the type of vehicle you’re buying. It can be used for boats, trucks, trailers, RVs, motorcycles or even commercial vehicles.

  • MYTH #2: I can only buy GAP with a new vehicle loan.
    This is a common misconception, originated from the concept of vehicle depreciation. Whether a vehicle is new or used, vehicle depreciation will always occur. It’s a matter of how much value a vehicle is going to lose. That’s why GAP can still come in handy when purchasing a used vehicle.

  • MYTH #3: I have to purchase GAP on the day of booking my loan.
    This is false. You have all the time in the world to make up your mind. GAP can be purchased at any point during the term of your loan. If you choose to buy it at a later time, you would just have to pay the cost out of pocket.

  • MYTH #4: I have to pay for GAP all at once.
    There are actually two options when it comes to paying for GAP. You can either make one, out of pocket payment at any point during your loan term. Alternatively, you can roll the cost of GAP into your loan if you are purchasing it on the day of financing your vehicle. It’s entirely up to you.

  • MYTH #5: GAP can’t be purchased at the credit union.
    Not true! HTFFFCU offers one of the best deals on the market for GAP via one of our business partners, Auto Exam.

  • MYTH #6: The cost of GAP varies.
    Many dealerships offer GAP depending on the total price of your vehicle. At the credit union, you pay a one-time flat fee regardless of the brand, make or model of your vehicle. It costs only $495 for personal vehicles and $695 for commercial ones.

  • MYTH #7: GAP can’t be used alongside the R.E.D. Program.
    It can and it’s wise to consider it, especially with R.E.D. This is because with the R.E.D. Program you are paying a lower payment on a smaller portion of the loan balance.  So, if you get in a car accident and your vehicle is deemed a total loss, there is a greater chance you will be left with a remaining balance once your insurance company settles.

  • MYTH #8: I cannot cancel GAP.
    Yes, you can! You can cancel GAP at any time during your loan. However, to receive a refund, you must cancel within the first 30 days of purchase.