GAP - Guaranteed Asset Protection

The following are common questions from our members and the answers that normally fulfill the associated need. If you have additional questions, please feel free to contact us directly via phone at 206-628-4010, toll free at 888-628-4010 or via secured message within your digital banking account.

Guaranteed Asset Protection (GAP) can help fill the gap between what the vehicle insurance will pay and what you ow on your loan, to cushion you against sudden out of pocket expenses if your vehicle is totaled. GAP is a voluntary debt protection product that is available on most Vehicle, RV’s, Boats and Leisure Crafts.

GAP can be purchased at any time. You may need to pay for it out of pocket, after the loan is funded. 

GAP can be canceled at anytime, but to get a full refund GAP needs to be canceled with in the first 90 days of the loan funding. Funds will be deposited into your share account with in 10 business days.

To cancel GAP call the contact center 206-628-4010, submit a written request by mail, or you can request it through the message center in online banking.

To file a GAP claim please have the following documents

  • Valuation report and settlement break down from your insurance company
  • Copy of insurance check  that paid off a majority of your loan
  • Date of  total loss

After Inspirus receives all 3 documents a GAP claim can be submitted to CUNA Mutual for processing.

Member is responsible for the deficiency balance, and continue making regular scheduled payment until the loan is paid in full. They can also choose to pay the remaining balance in full. 

If approved, GAP only covers the deficiency balance after insurance has paid out for your vehicle.

GAP Plus covers the deficiency balance and gives you $1,000 towards next replacement vehicle that is funded with Inspirus. Inspirus only offers GAP Plus. 

Required documents need to be submitted to Inspirus Credit Union

Inspirus Credit Union submits the documents for processing. 

Within 1-2 Business days CUNA Mutual will follow up with the member directly if additional information is required.

CUNA will send a check to Inspirus Credit Union that will get posted to your loan within 1-2 business days after receiving the check.

Members can check a GAP claim status by calling 800-621-6323

GAP protection will pay up to 130% of NADA value.  

Time of accident auto loan balance is $40,000

 Insurance values that car at $25,000 

$25,000 value x 130% LTV =32,500

32,500 - $25,000 = $7,500 

Gap will pay $7,500   

Loan balance                              $40,000
Insurance pays                         - $25,000
Deficiency Balance of                 $15,000
Gap will pay                               -$ 7,500
Deficiency Balance owed            $7,500

 

Mail
Inspirus Credit Union
Attention: Claims
PO BOX 576
Seattle, WA 98111-0576

Fax 206-676-1004

Email
SECU.MemberSolutions@inspiruscu.org

Online Banking
Go to "MORE", click on "MESSAGE CENTER", click "COMPOSE", and then "ATTACH FILE".