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Guaranteed Asset Protection (GAP)

Get help paying off your auto loan after a serious accident.

Guaranteed Asset Protection

Car insurance will cover the cost of damage and a stolen car, but your auto loan could be higher than the cash value of your car. Guaranteed Asset Protection (GAP) can help you cover the difference between what the insurance company pays out and what you still owe on the loan.


GAP is a voluntary product designed to waive the remaining loan balance not covered by the borrower's primary insurance carrier settlement in the event of a total loss or unrecovered theft.

GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed or leased with our financial institution!


1. In most circumstances, a vehicle is worth a lot less the second it is driven off the lot.
2. In more cases than not, the value of a vehicle rapidly declines during the first few years of ownership.

Unfortunately, both statements are True, which could lead to bad news for you and your wallet.

Since most insurance companies base their claim payments on the present value of your vehicle, your loan or lease balance could be higher than the value of your vehicle at the time your vehicle is stolen or totaled, which means you could be left owing a lot of money out of pocket to pay off the balance of your loan.


  • Available for new and used vehicles

  • Coverage for cars, trucks, SUVs, motorcycles, RVs, jet skis and boats

  • Deductible is included in the beneficiary balance, up to $1,000

  • Affordable coverage for Power Financial Credit Union Members

  • Auto Deductible Reimbursement (ADR) is complimentary with GAP (if applicable)

  • ADR pays a benefit of up to $500 per loss (unlimited losses per year)*

  • Includes Personal ID Restoration Consulting and Warranty Vault



The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan.

In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum Loan to Value percentage. 

GAP may also cover up to $1,000 of your deductible if there is a "gap" after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement.

Get a free quote today!

*Your purchase of GAP is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us. We will give you additional information before you are required to pay for GAP. This information will include a copy of the GAP Waiver Addendum which will contain the terms and conditions of GAP benefit.

GAP eligibility requirements, conditions, and exclusions.
There are eligibility requirements, conditions, and exclusions that could prevent you from receiving GAP benefits. You should carefully read your GAP Waiver Addendum Form for a full explanation of the benefits, rules, terms and conditions of the program. This webpage is not a contract. GAP is a loan/lease deficiency waiver and is not offered as insurance coverage. GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum. Not available in NY or AK.

Power Financial Credit Union serves members across South Florida with 7 full-service branches and offers convenient account access from anywhere using its secure Online Banking and highly-rated Mobile App.