GAP

A wrecked car doesn’t have to wreck your finances. GAP helps cover the difference between what you owe on your loan and what your insurance pays if your vehicle is totaled.

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What does GAP cover?

New cars depreciate the second they’re driven out of the dealer’s lot. When a vehicle is totaled in an accident or stolen and not recovered, you could owe more than the vehicle is worth.

GAP can be purchased for new or existing FAIRWINDS loans.

Why do I need GAP?

GAP offers added protection during the early years of your vehicle loan when depreciation is highest.
Covers the “gap” between your car’s cash value and the amount you owe on the loan if your vehicle is declared a total loss.
Refundable and nonrefundable options to fit your budget.

Why do I need GAP?

GAP offers added protection during the early years of your vehicle loan when depreciation is highest.
Covers the “gap” between your car’s cash value and the amount you owe on the loan if your vehicle is declared a total loss.
Refundable and nonrefundable options to fit your budget.

Is this protection right for me?

You should get GAP if you think you’ll eventually owe more than your car is worth over time. Here are a few examples of when you may need GAP:

You made a small or no downpayment on your car purchase.
If you have a loan of 60 months or longer.
Your car has high mileage or excessive wear and tear.
Your loan has a high interest rate, taking it longer for you to pay off.

How to file a GAP Claim:

Contact Your Auto Insurance Company — request they email the Insurance Settlement Breakdown and the Vehicle Valuation Report.
Email Documents to FAIRWINDS – send the reports to the FAIRWINDS Insurance Department at [email protected]

Things to know when filing a GAP claim:

Processing Time – Claims take about two weeks to process.
Continue Making Payments – Keep making payments until the claim has been completed and the loan is fully paid off.

Ready to secure your loan and car protection?

For questions or to purchase Credit Insurance, schedule an appointment at your nearest branch or call (888) 413-0652.

GAP is not insurance; it is an optional debt cancellation product. GAP will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP Fee to the amount financed under your loan will increase the cost of GAP because there will be additional interest due based on the inclusion of the GAP Fee in the loan principal amount. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid, if no benefits have been provided. GAP purchased from state-chartered credit unions in FL, GA, IA, IN, UT, VT, and WI may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you purchase a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee, if no benefits have been provided. GAP purchased from state-chartered credit unions in CO, MO or SC may be canceled at any time during the loan and receive a refund of the unearned fee, if no benefits have been provided.

GAP-8130543.1-0725-0827