Now, you can protect your vehicle investment with Guaranteed Asset Protection (GAP). GAP offers protection in the event that your vehicle is stolen or damaged beyond repair (deemed a Total Loss) and is available for borrowers that finance their vehicle(s) with a loan from Ozark Federal Credit Union.

Here's how GAP works.

Let's say after one year, the vehicle you purchased for $25,000 is now valued at just $16,000, but you still owe $20,000 when it is involved in an accident, and your insurance carrier deems it a Total Loss. Most insurance policies will only reimburse you for the "Actual Cash Value (ACV)" of your vehicle, $16,000 in this case, leaving you with a large loan balance and no vehicle. Here is an example of what you would owe without GAP**

The amount you owe on your auto loan                                                            $20,000

Your Insurance Company "ACV"                                                                        - $16,000

Your Insurance Deductible                                                                                + $     500

Amount Paid by your Insurance                                                                        = $15,500    

The remaining loan balance due might be subsidized by GAP Coverage     $  4,500

What's the cost of this valuable protection?

Our GAP is just $495 for most types of collateral, like new and used cars, trucks, and motorcycles. GAP is also available on RVs, boats, and travel trailers, but the fee is determined by the Amount Financed and the loan term. This is a small price to pay for real peace of mind!