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Guaranteed Asset Protection Plus (GAP Plus)

MEMBER'S CHOICE Guaranteed Asset Protection Plus (GAP Plus) helps protect your vehicle loan from the unexpected. Many times primary auto insurance settlements don't pay off your loan balance. When you buy a new or used vehicle, there's no way to know if it will be stolen or totaled in an accident. With GAP Plus, you're protecting your vehicle investment against possible financial loss.

Why it is valuable:

  • New and used vehicles often depreciate rapidly and vehicle loans may be longer in term
  • There may be a point where you owe more than your vehicle is worth. GAP Plus will help cover the difference between the primary insurance settlement and what you may still owe
  • If your vehicle is stolen or totaled in an accident, it will cover $2,500 of your next loan with St. Mary's Bank when you purchase a replacement vehicle within 120 days of your primary insurance settlement

How it Works:

  • The fee can be financed into a new loan or paid upfront 
  • If there is a difference between what you owe on your loan and the value of your vehicle, GAP Plus will help pay the difference based on the terms of your member agreement
  • You can cancel within 90 days for a full refund 

Add GAP Plus to your St. Mary's Bank vehicle loan:

  • If you already have a direct vehicle loan with St. Mary's Bank, simply call our Member Contact Center at 1-888-786-2791, or visit any branch office
  • For new vehicle loans, ask to have GAP Plus added when signing your loan documents
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of MEMBER’S CHOICE™ Guaranteed Asset Protection Plus. If you choose GAP Plus, adding the product fee to your loan amount will increase the cost of GAP Plus.

State chartered credit unions FL, GA, IA, RI, UT, VT: You may choose MEMBER’S CHOICE™ Guaranteed Asset Protection Plus with or without a refund provision. State chartered credit unions CO, SC: Only a refund provision is available. Prices of the refundable and non-refundable products are likely to differ. If you choose either product and cancel within the first 90 days, you will receive a full refund. If you choose a refundable product, you may cancel at anytime during the loan and receive a refund of the unearned fee calculated by the actuarial method. You will receive additional information before you are required to pay the fee for this product.