Guaranteed Asset Protection (GAP)

Insurance Settlements Don't Always Cover Your Loss

How do you know if your vehicle is adequately protected by your primary insurance carrier? Ask yourself the following questions:

  • After I drive off the dealer's lot, will I owe more on my vehicle than it's worth? (Vehicles depreciate by thousands of dollars after purchasing.)
  • Will I put less than 20% down on the purchase of my vehicle?

Answering "yes" to either question means your vehicle may not be completely protected. You could be responsible for paying the difference between your primary insurance settlement and your loan balance in the event your vehicle is stolen or declared a total loss. This could add up to thousands of dollars out of your pocket. You'll pay on a vehicle you no longer drive, plus you still have to purchase a new vehicle.

Features of Member's Choice GAP PLUS

MEMBER'S CHOICETM Guaranteed Asset Protection PLUS (GAP PLUS)

Helps ease your financial burden by cancelling the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle. It also waves the first  $2,500 on a replacement vehicle when financed by First Commonwealth within 120 days after your primary insurance company issues a settlement check.

  • 90-Day trial period - you may cancel your protection within 90 days of your enrollment date and receive a full refund and no cancellation fees, as long as no claims have been incurred.
  • Skipped payments - protection includes skip-a-payment or delinquent-payment features for the life of the financial agreement.
  • Available on loans - protects new and used vehicle loans.

Contact Us

To learn more, speak with Member Services at 610.821.2403.

Your purchase of MEMBER’S CHOICETM Guaranteed Asset Protection (GAP) is optional and 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 your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP-1493216.1-0516-0618