If your car is deemed a total loss because it’s stolen and not recovered, or totaled beyond repair, your regular auto insurance will only cover the Actual Cash Value (ACV) of your car. But what if your remaining loan balance is higher than the ACV?
That’s where GAP Advantage comes in
GAP Advantage may reduce or eliminate your remaining loan balance and may cover your insurance deductible up to $1,000 in most cases. Better yet, GAP Advantage pays an additional $1,000 toward the principal balance of your new auto loan if you finance your vehicle with Mission Fed within 90 days of the insurance claim being paid.
What if your car isn’t totaled?
Our GAP Advantage program also includes the Auto Advantage Plan, which includes the Auto Deductible Reimbursement (ADR) benefit. ADR is a complimentary benefit provided on behalf of Mission Fed to our members who purchase a GAP Advantage Waiver. ADR reimburses the insurance deductible up to $500 for a loss covered by the borrower’s auto insurance policy for ALL passenger vehicles owned (i.e. titled or registered) AND insured (i.e. Named Insured) by the enrolled member. Coverage is effective upon enrollment, continues for a 1 year period and allows a benefit of up to $500 per loss, with a limit of 2 losses in that period.
GAP Advantage perfectly complements your standard auto insurance and is available to members with vehicles financed with Mission Fed. For more information please stop by one of our branch locations. Or, call today for your GAP Advantage quote at 858.524.2850 or 800.500.6328.
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If you have an auto loan or mortgage with Mission Fed, you will be required to provide us with proof of insurance.
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