Protect your investment from the unexpected
First New York Federal Credit Union is pleased to offer our members the option of GAP protection If your vehicle is stolen or totaled in a major accident, your loss could add up to more than its value. Most insurance policies only cover the value of your vehicle at the time of loss, which means that the settlement you receive could be less than the amount you owe. GAP protection covers the "gap" between the vehicle's value and the amount you still owe.
How Much Does GAP Protection cost and How do I Purchase it?
GAP protection costs $289.00. The cost can be paid as one lump sum, or it can be rolled into the total loan amount of your auto loan.
How Does GAP Protection Work?
GAP protection goes into effect when you need it most - when your vehicle is stolen and isn't recovered or totaled in an accident and can't be repaired. GAP protection waives the difference between your primary insurance carrier's settlement and the payoff of your loan less delinquent payments and late charges and unrepaired physical damages.
Want to Apply for an Auto Loan? Let's Get Started!
Apply for auto loans online, by phone at (518) 393-1326 and press 3, or stop by any First New York Branch.