Every week we answer the top five member questions
most frequently asked at One Nevada Credit Union.
This week we are covering the top 5 questions about Insurance.
Stay tuned for more topics!
Q: What is GAP?
Guaranteed Asset Protection, which eliminates the deficiency you may be left with in the event your car is totaled or stolen. GAP* Advantage can pay up to the remaining balance of your auto loan after an insurance payout and give you $1,000 to finance your next vehicle with us. So, instead of paying off a substantial loan balance for a vehicle you can no longer drive, you could be free and clear of your car note and have funds to put toward a down payment on a new car.
Q: Can I get the GAP insurance on my auto loan afterward if I decide to have it?
Yes, you may add GAP Insurance up to 1 year from the effective date of the loan. If you qualify to include in your current loan, you will be sent a form to add it. If not, you will need to pay the full $399.00.
Q: Can GAP Advantage be offered on a vehicle financed at another financial institution?
No, because GAP Advantage is tied to the loan. If the vehicle is refinanced with One Nevada Credit Union, then GAP Advantage may be offered.
Q: I was offered MMP protection for my car that is currently financed by One Nevada Credit Union; What is the deductible for this service?
The deductible is $100.00. However, you can buy down your deductible to zero (0) for a one-time fee of $200.00.
Q: Can a vehicle be altered or modified and what types of modifications or alterations would void my MMP contract?
Vehicle alterations or modifications (any enhancement that affects the performance of the vehicle) not made by the manufacturer could void the contract or policy. Alterations such as lift and lowering kits, oversized tires, changing muffler systems would be examples of alterations or modifications. If the vehicle has been altered or modified a refund may be warranted.
Please comment below if you have a question that you would like to see
answered on our next Ask One Nevada blog!
We welcome any and all feedback.