bridge the gap
GAP with SunWest builds the bridge to financial security, because the last thing you want to deal with in a total loss is figuring out how you’re going to pay off a loan on a car you no longer own.
features you can appreciate
your car is your freedom
One of the most anxiety-inducing situations to deal with is the loss of your vehicle to an accident that leaves it totaled, or an unrecovered theft. Vehicles are quick to depreciate, and your insurance provider will only pay out the value of the vehicle at the time of loss. This often leaves many people with a deficit on their loan that they’re scrambling to pay off before they can regain their freedom with a new car.
meet gap: guaranteed asset protection
Reduce the stress of losing your car, either to thieves or a wreck, and avoid falling in the gap of negative equity.
Current Loan Balance: $22,000
Current vehicle value: $18,000
Insurance pays: $18,000
You pay: $4000
Insurance pays: $18,000
GAP pays: $4000
gap coverage benefits
pay it off
GAP pays out up to 125% of the vehicle value at the time of total loss event.
all your autos
GAP is available for:
● Motorcycles, ATVs, UTVs
● Boats + other Watercraft
● RVs + Trailers
the right price
GAP is a one-time fee fo $425. That's about 1/2 of what you can expect to pay through most dealer plans which often include less coverage.
roll it in or pay upfront
Add GAP to your loan to avoid an out-of-pocket expense OR pay for it upfront to avoid financing it and paying interest.
Finance your replacement vehicle at SunWest within 90 days + get a $1,000 credit1 paid to the principal of your new loan.
don't sweat it
Covers up to 90 days of delinquent or skipped payments per loan term.
GAP comes with Auto Deductible Reimbursement (ADR)2 which reimburses your deductible up to $500.
cover multiple vehicles
ADR coverage extends to other vehicles you own for no additional cost.2
gap claims process
Going through a total loss event is enough to make anyone's head spin. Let's break down the claims process to make it less overwhelming.
submit your claim to your insurance provider.
Your insurance provider will assess your claim to determine whether the vehicle is considered a total loss due to damage or unrecovered theft.
get your insurance payout.
After deeming your vehicle a total loss, your insurance will review the market value and provide you with a document stating the payout amount + the funds in the form of a check payable to SunWest as your lienholder.
report your gap claim to sunwest credit union.
If your insurance payout isn’t enough to cover your outstanding loan balance, notify SunWest to begin your GAP claim. We’ll review your contract + pay off the remaining loan balance.
get your new car + your $1,000 gap credit.
Let your SunWest loan officer know at the beginning of the new loan application that this is to replace the vehicle paid off via GAP + we'll apply your $1,000 GAP credit to the principle balance of your new loan.
keep yourself cruising
A total loss situation can take a lot out of you, but it doesn’t have to be the end of the road. Guaranteed Asset Protection means you have less loan to worry about.
More protections to keep you covered
keep your positive equity
If you saved up for a down payment on your new car, or you wheeled and dealed with the dealer for a large trade-in, you don’t want to lose the equity you’ve built up. Protect it with Depreciation Protection Waiver (DPW).
don’t let a break cause a breakdown
Manufacturer warranties only extend so far and cost an arm and a leg. Keep your body parts attached, and get comprehensive Mechanical Breakdown Protection (MBP) for less than the dealer warranty.
compare insurance for the best rate
Financed vehicles have specific insurance requirements, such as full coverage. Have a TruStage representative review the requirements necessary to avoid any loan penalties, as well as to compare rates for the best deal.