MemberFocus is proud to offer an excellent GAP (Guaranteed Asset Protection) insurance product at an incredibly low price. When you finance your auto loan with MemberFocus you will be given the option of purchasing a GAP insurance policy.

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What is GAP Insurance?

GAP insurance is like an airbag for your auto loan. In the event of a car accident, if your vehicle is totaled, your car insurance provider will pay you what the vehicle is worth (e.g. $21,000). If the balance of your auto loan ($23,500) is greater than the value of your car ($21,000), you have to come up with the difference ($2,500). GAP insurance is a separate insurance policy designed to cover any such difference (e.g. $2,500).

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Why do I need GAP Insurance?

The second you drive a new vehicle off the lot it drops in value. In the first year, a new vehicle may lose 22% of its value. If you don’t keep the balance of your auto loan consistent with the value of your vehicle – you are at risk of a gap in coverage.


Gap insurance is also valuable on older vehicles.  The less a vehicle is worth, the more likely your insurance company is to deem it "totaled" after a crash. A vehicle is considered "a total loss" when the cost of repair is considered too great in comparison to value of the vehicle.

For example, a $5,000 repair would NOT deem a $20,000 vehicle a total loss. However, the same $5,000 repair deem a $7,000 vehicle a total loss.

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Benefits of GAP Insurance

In the event that your vehicle is totaled, you are 100% covered. You no longer have to worry about any gaps in coverage or out of pocket expenses. In addition, your GAP insurance policy will pay out $2,500 towards the purchase of your next vehicle so long as you finance the purchase with MemberFocus Community Credit Union.

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Cost of GAP Insurance

Your GAP insurance policy is a one-time payment of $399. This amount can be rolled into your auto loan. That’s a small price to pay for peace of mind. Call (313) 581-2002 for complete details.

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