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bakers federal credit union
INSURANCE |
| Introducing GAP Insurance For Automobile Loans |
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Baker’s Federal Credit Union along with many other lenders does not require a down payment for new or used vehicle financing in most instances. With extended payment options, and financing exceeding 100% of purchase price or NADA retail values, members will be in a negative loan equity position for the first several years of their loan. Furthermore, it is estimated that one in three Americans will incur the total loss of a vehicle during their lifetime. In the event of a total loss resulting from theft or accident, you could be exposed to an insurance gap of several thousands dollars.
Insurance gap is the difference between the loan balance and what your insurance company will pay for your totaled vehicle. For members borrowing in excess of 80% of the NADA retail price or purchase price, GAP insurance makes sense. If your car is totaled due to an accident or theft your GAP insurance will pay up to 130% of the Manufactures Suggested Retail Price (MSRP) or the NADA retail value.
GAP insurance covers terms up to 72 months and covers up to $50,000 of your uninsured liability. For a few dollars each loan payment, GAP insurance will give you peace of mind knowing that if your car is totaled you will be able to fully payoff your loan.
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This Credit Union is federally insured to $100,000 by the
National Credit Union Administration.
Equal Housing Lender: We do business in accordance with
the Fair Housing Law and the Equal Credit Opportunity Act.
Baker's Federal Credit Union
Omaha, Nebraska
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