Looking for a new or used auto, motorcycle, RV or boat loan? Or looking to refinance an existing loan you have with another financial institution?
Find the best loan rates for new and used vehicles today
If you are in the market for a new or used auto, motorcycle, RV or a boat, please consider NBCU for a very competitive rates and an easy application process.
The Facts on Protecting Your Assets
What is Members’s Choice™ Guaranteed Asset Protection Plus (GAP Plus)?
When you buy a new or used vehicle, there’s no way to know if it will be stolen or totaled in an accident. And, many times primary auto insurance settlements don’t pay off your loan balance. With the purchase of GAP Plus, you’re helping to protect your vehicle investment against a possible financial loss.
How does GAP Plus work?
The GAP Plus fee can be included with your monthly payments or made separately by cash, check, or possibly electronic funds transfer. If your car is stolen or totaled in an accident and there’s a difference between what you owe on your auto loan and the value of your vehicle, GAP Plus will help cancel the difference based on the terms of your member agreement. By adding GAP Plus while signing your loan paperwork, you’re helping take responsibility for your financial future. Your loan officer can show you how. You may cancel GAP Plus at any time after your enrollment date. If you cancel within 90 days, you’ll receive a full refund. If you have questions, simply contact a Credit Union representative.
Why is it valuable?
Vehicles often depreciate rapidly and vehicle loan terms have typically been increasing in duration. If your vehicle is stolen or totaled in an accident, GAP Plus will help cancel the difference between the primary insurance settlement and what you may still owe on your vehicle loan. In addition, if your vehicle is stolen or totaled in an accident, it will cancel $1,000 of your next loan with your credit union, when you purchase a replacement vehicle within 60 days of your primary insurance settlement. GAP Plus helps you prepare for the unexpected.
- Your purchase of Members’s Choice™ Guaranteed Asset Protection Plus (GAP 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 GAP Plus. If you choose GAP Plus, adding the product fee to your loan amount will increase the cost of GAP Plus. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product. State chartered credit unions in FL, GA, IA, RI, UT, VT, WI may choose GAP Plus with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method. State chartered credit unions in CO and SC may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.