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Probably not. Even the best auto insurance may not cover the entire amount you owe on an auto loan. In fact, if the average new car owner has their vehicle stolen or damaged beyond repair, they could still owe thousands of dollars after the insurance settlement.
In most cases, GAP Advantage with PowerBuy* makes up the difference between what your insurance policy covers and the amount you still owe. For example, 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 $1,000 applied towards your next auto loan with Global.
GAP Advantage with PowerBuy™ may cover the existing vehicle depreciation from time of purchase through the date of loss after the “traditional” Gap Advantage claim has been settled and give an additional $1,000 to your next auto loan financed with Global.
With this valuable product, you can rest easy knowing that your auto loan won’t be a burden if an unexpected accident or theft occurs.
*GAP Advantage with PowerBuy is considered insurance coverage in some states.
Your purchase of GAP Advantage with PowerBuy is optional. Whether or not you purchase GAP Advantage with PowerBuy will not affect your application for credit or the terms of any existing credit agreement you have with the financial institution. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP Advantage with PowerBuy. You should carefully read the contract for a full explanation of the terms.
Experience the difference of credit union membership. When you join Global you're more than a customer, you're a member and an owner. Your membership gives you access to a suite of products designed with you in mind.
Wondering if you qualify for membership? If you live or work in Washington or North Idaho, you can join! Click here to see all the ways you may be eligible for membership.