GAP Plus

GAP Plus Insurance

Will you owe more on your vehicle loan than your vehicle is worth?

Guaranteed Asset Protection (GAP) Plus can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out of pocket expenses if your vehicle is totaled or stolen. GAP Plus may cancel part of your next loan with your credit union, when you purchase a replacement vehicle. GAP Plus can help lighten the financial burden for you and the people you care about. Get GAP Plus today so you can worry a little less about tomorrow.

Add GAP Plus to your loan

New Loans: Can be added during the online loan application process, in person at one of our offices, or by phone by calling 651-770-7000.

Existing Loans: To add GAP to an existing loan, please call 651-770-7000.


How GAP Plus works for you
Original purchase price $25,000
Loan balance after one year $20,000
Insurance settlement covering vehicle's current value $16,000
Your lost investment without GAP Plus
(Including your deductible)
GAP Plus waives the difference $4,000
Funds provided toward financing or leasing a replacement vehicle with Ideal Credit Union $1,000
Total GAP Plus Benefit $5,000

Your purchase of MEMBER’S CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the GAP Waiver Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product. State chartered credit unions in FL, GA, IA, RI, UT, VT, WI may choose GAP with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method. State chartered credit unions in CO and SC may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.