At Generations Federal Credit Union, our goal is to provide you with affordable coverage for unforeseen expenses.  If the unexpected happens, whether your car is a total loss due to accident or theft, your vehicle suffers a major mechanical failure, or you're hit with bills you can't pay, count on us to protect you.

To get a no cost, no obligation quote, simply click on the 'Get A Quote' tab above or call 210-554-3567 to speak to a member service representative. 

Guaranteed Asset Protection (GAP) Advantage Overview

Did you know that if your new vehicle is totaled, or stolen and not recovered, your insurance may not pay off the total amount owed?  A vehicle's value declines as a result of depreciation, and your loan balance can be higher than the Actual Cash Value (ACV) which is established by your insurance company.   GAP reduces or eliminates the added expense and pays the difference between the ACV of your vehicle, as determined by your insurance company, and the balance still owed.

You need more than insurance to protect your investment

  • In fact, if the average new car buyer has their vehicle declared a total loss because it was stolen and not recovered, or damaged beyond repair, they could still owe thousands of dollars after the insurance settlement.

Protect your investment with Guaranteed Asset Protection (GAP) Advantage*

  • GAP makes up the difference between what insurance covers and the amount you owe in most cases.  So, instead of paying off a substantial  loan balance before you can even think about shopping for a new vehicle, you  could be free and clear. 
  • As an added benefit, GAP Advantage will help you get back on the road more quickly by providing a $2,500 allowance to finance a replacement vehicle with us.

How it works

  • You owe $14,000 on your vehicle, and it’s damaged beyond repair in an accident.  After subtracting your deductible, the insurance company awards you $11,000 for the damage.

                    Without GAP, you would pay out of pocket to cover the remaining $3,000 loan balance. 
                                 Your loan balance......................................$14,000 
                                 Your insurance company pays................... <$11,000> 
                                 Loan balance (out-of-pocket expense)….......$3,000 

                     With GAP Advantage, your remaining loan balance is paid*, PLUS you get $2,500 to finance a replacement vehicle with us. 
                                  Remaining loan balance..................................................$3,000 
                                  GAP benefit.................................................................<$3,000> 
                                  Out-of-pocket expense....................................................$0 
                                  GAP Advantage benefit (for replacement vehicle).....$2,500


The purchase of GAP is optional.  Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credit agreement you have with our institution.  There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP Advantage.  You should carefully read the contract for a full explanation of the terms.

Skipped or missed payments, late charges, refundable service warranty contracts, other insurance-related products, and interest charged after the date of loss will be deducted from the GAP Advantage settlement. 
 
*Vehicle must be financed at your financial institution to be eligible for the purchase of GAP. 

Major Mechanical Protection (MMP) Overview

You don’t need a new car to get new car peace of mind

The average new car is out of warranty in just two and a half years, and as time goes on, the likelihood of mechanical failure on your vehicle is inevitable. Advanced electronics, complex systems, and rising labor costs mean that a repair that might have cost hundreds of dollars a few years ago may now cost you thousands.  Below are some typical cost examples:
  • Transmission …….………..$3,084
  • Air Conditioning…………..$1,217
  • Timing Belt…………...…...$802
  • Front Brakes…………..……$931
  • Seals and Gaskets……..… $1,050
  • Engine…………………….....$7,066
     

With Major Mechanical Protection (MMP), you can protect yourself against these expensive repairs

Plans are available for most new and used domestic and imported vehicles, and MMP is affordable – the total cost of MMP is often far less than the cost of a single repair! Having this coverage extends the life of your vehicle and your budget.  Pay for MMP once, and in most cases you will not have to pay anything more than a small deductible should a breakdown occur.

The best time to invest in a mechanical repair program is when you first buy your vehicle. So before you commit to any other program, compare it to our MMP. We believe you will find this program to be the value-packed winner!

The purchase of MMP is optional. Whether or not you purchase MMP will not affect your application for credit or the terms of any existing credit agreement you have with our institution. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under MMP. You should carefully read the contract for a full explanation of the terms.



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