Vehicle Guaranteed Asset Protection
A car payment but no car?
Yes. It's possible. If you have an accident and your car is damaged beyond repair (totaled) or if your car is stolen and not recovered, your insurance company will likely reimburse you at market value. If market value is less than what you owe on your vehicle, you will be responsible for the remaining payoff, a situation that could leave you with a car payment but no car.
Guaranteed Asset Protection (GAP) protects you against financial loss by paying the balance between what the insurance company paid and the balance of your loan, minus your deductible.
Get GAP coverage today
GAP is available to members who finance an auto loan and members who already have an existing auto loan with Oregon State Credit Union.
Vehicles must be 15 years old or newer.
Not eligible for coverage: salvage and rebuilt titled cars and vehicles for commercial use are not eligible.
GAP Advantage Waiver: $1,000 of help
If you total your car while it is covered under our GAP policy and you finance your next car with Oregon State Credit Union, you may be eligible for $1,000 towards the purchase of the replacement vehicle.
Your vehicle must be a total loss, and a new loan must be funded within 90 days of when the vehicle is determined to be a total loss.