GAP Coverage

Designed with the member in mind, our GAP coverage protects the borrower and our partner against financial loss in the event the vehicle is damaged beyond repair (total loss) or stolen. If GAP coverage is in place, the covered deficiency balance is waived (subject to limitations).

GAP covers the difference between the market value of your member’s vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges. In the event a deficiency exists, our program will also cover any portion of the deficiency caused by the member’s insurance deductible, up to $1,000.*

GAP Coverage Example

Loan balance after 1 year $15,000.00
Vehicle’s Actual Cash Value (ACV) $10,000.00
Member’s deductible $500.00
Insurance Settlement $9,500.00
The GAP $5,500.00
GAP Pays $5,500.00
* Not available in all states

To find out more about how IWS can assist in the success of your credit union, please call us at 800.333.3028.