Guaranteed Asset Protection Product Sheet PDF

Guaranteed Asset Protection Alliance Catholic Credit Union 021-0955-6 Michigan...

Guaranteed Asset Protection Alliance Catholic Credit Union 021-0955-6 Michigan Product Sheet Plans as of 10/12/2024 Guaranteed Asset Protection (GAP) helps protect members against financial loss if their GAP-protected vehicle is stolen or declared a total loss, easing members’ financial burden by waiving the difference between members’ primary insurance settlement and their vehicle loan balance on items directly related to the purchase of their vehicle. Refer to the Guaranteed Asset Protection Waiver Agreement for comprehensive plan information. GAP Learning & Development: Provide staff training, performance improving resources, marketing and more. Product Plans - GAP Plus Motor Vehicle Power Sport Watercraft RV Single GAP Fee Ź Refundable N/A N/A N/A N/A Single GAP Fee Ź Non-refundable YES YES YES YES Monthly GAP Fee   N/A N/A N/A N/A Maximum Benefit $50,000 $50,000 $50,000 $50,000 Maximum Loan Amount $100,000 $100,000 $50,000 $125,000 Maximum Term 84 Months 84 Months 84 Months 84 Months Maximum Loan-to-Value 110% 110% 110% 110% Loan-to-Value Ratio (Based on) MSRP JD Power Clean Retail -- all other vehicles What’s Eligible? What’s Protected? Motor Vehicle Power Sport Watercraft RV Assets Eligible New & Used: New & Used: New & Used: New & Used: Private passenger cars Motorcycles Inboards Conventional trailers Vans All terrain vehicles Outboards Fifth wheel Light trucks Snowmobiles Inflatables Travel trailer 20 model years or newer Personal watercraft Jet drives Folding camping trailer (e.g. jet ski) Houseboats Truck Camper units Sailboats Type A, B and C motor homes Stern Drives Utilization Personal & Commercial Personal Personal Personal (in-use for) Loans Eligible Loans and leases that are secured solely by an eligible vehicle include: Traditional closed-end loans Refinances (from different lender) Collateral lending (funds used for other purposes) Loans NOT Eligible Balloon loans Interest-only loans Real estate secured loans Signature loans Incidents NOT Protected Loss or damage incidents are NOT protected if the protected vehicle was repossessed by, or placed in the possession of, the credit union, its employees, or agents This product sheet is a quick reference document for credit union use only. Questions regarding product plans or information on this product sheet? Call 800.356.2644, Ext. 665.2000 TruStageTM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. © TruStage Created on 10/12/2024 GAP-1679028.11-1123-1225 Page 1 of 2  Guaranteed Asset Protection Alliance Catholic Credit Union Product Sheet 021-0955-6 Michigan Plans as of 10/12/2024 More Product Details Member’s Payment Single Fee - GAP fee is included in member's loan payment OR paid in full with cash, check or credit card payment to your credit union Methods Primary Insurance Protects up to $1,000 of your vehicle insurance deductible where allowed by state law Deductible Skipped Payment Protection includes up to 5 skipped payments during the term of the financial agreement. Skipped payments are missed payments that are authorized by your credit union or caused by delinquency Right to Purchase Available to purchase anytime during the life of the loan Deductible Assistance This includes a primary insurance deductible maximum per occurrence of $1,000 and includes multi-vehicle protection. Maximum number of occurrences is no more than 2 in a 12 month period. Claims Submission There is no time limit for the credit union to submit a claim from the date the vehicle is declared a total loss GAP Plus $1,000 is waived from the loan or lease when the replacement vehicle is financed by our credit union within 120 days after member's primary insurance company issues a settlement check Termination and Cancellation Protection Upon termination of financial agreement Upon early payoff of the financial agreement by the member Termination Upon expiration of maximum term limit in the Guaranteed Upon any claim/deficiency being paid Asset Protection Contract (waiver) Upon vehicle repossession Upon cancellation of the Guaranteed Asset Protection Contract (waiver) Member Cancellation Anytime during life of the loan After 90 days: All cancellations: Complete the cancellation form and submit to Single Fee - Non-Refundable -- No refund is due if TruStageTM member cancels after 90 days 90-Day Trial Period: Members have 90 days, from enrollment date to cancel protection and receive a full refund with no cancellation fee Filing Claims Information Needed GAP GAP Plus (copies to include) Original Financial Agreement or Lease Agreement Copy of Total Loss Settlement Check(s) Full Payment Loan History prior to loss date Original Security Agreement Any insurance information available at time of claim submission (if available) Copy of financing documents relating to a replacement vehicle If applicable, proof of proceeds recovered from the Deductible Assistance cancellation of refundable items A copy of the declaration page from the auto insurance policy that identifies the insured vehicle, the borrower [or co-borrower] as the insured and the deductible amount Proof a claim payment was made by the insurance company Claim Submission Online: Go to www.trustage.com. Click on "My Services", then "Claims" and select "Guaranteed Asset Protection (GAP) First Notice of Options Loss" or Deductible Assistance First Notice of Loss Fax or Mail: Complete the Claim Submission Form and fax or mail materials Fax: 800-949-0551 Mail: TruStage Claims Administration - GAP Claims P.O. Box 1221, Madison, WI 53701-1221 Claims or Member Phone: 800-557-8955 Eligibility Questions This product sheet is a quick reference document for credit union use only. Questions regarding product plans or information on this product sheet? Call 800.356.2644, Ext. 665.2000 TruStageTM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. © Created on 10/12/2024 TruStage GAP-1679028.11-1123-1225 Page 2 of 2