Shoreline Credit Union helps you protect your assets.
You will avoid paying substantial out-of-pocket costs with our additional services.
We offer you an array of services that will help you avoid significant costs if an unexpected event occurs.
Guaranteed Asset Protection (GAP)
It is a fact that your new vehicle loses value as soon as you drive it off the lot. What happens if your vehicle is stolen or totaled in an accident? Typically, your loan will be much higher than the actual cash value. Your insurance company’s settlement is likely to represent far less than your remaining loan balance — leaving a “gap” which you will have to pay.
GAP covers the difference between your outstanding loan balance and the insurance settlement, not including delinquent payments, late fees and other insurance-related charges. GAP even covers your deductible up to $1,000. If you finance your new or used car, truck, van, SUV, motorcycle, ATV, boat, snowmobile or other vehicles not used for business purposes, you may add this valuable coverage to your loan at a very low additional cost.
When you take advantage of our extended service contracts on a new or pre-owned vehicle, you will avoid out-of-pocket costs for mechanical breakdowns after your factory warranty expires. All you have to do is call a toll-free number and bring your vehicle into a licensed repair facility nearby. You will also have coverage for towing, road service and the rental of another vehicle while yours is being repaired.
Coverage is available through the United States and Canada and costs just pennies per day. We offer several plans, so you may choose the one that best meets your needs.
If you were to become disabled or die, this valuable insurance would pay your monthly loan amount — helping your family to continue to own your vehicle.
For more information about these additional services, contact us.