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GAP Insurance

Guaranteed Asset Protection (GAP) Advantage with PowerBuyTM

GAP is an optional insurance policy, available for new and used vehicles, that pays the difference between how much is owed and what your insurance company pays if the car is declared a total loss or stolen. Unless you’re covered by GAP insurance, this financial shortfall, or GAP, could leave you owing thousands of dollars.

Your car’s actual value is the cost of the car when it was new minus depreciation, age, mileage, condition, etc. Since cars depreciate quickly, the amount you receive from the insurance company may be significantly less than what you owe.

Who Should Buy GAP?

GAP is primarily for those who have a 60-month (or longer) term loan, have less than 20% down, or purchased a car that has a high rate of depreciation.

GAP insurance hypothetical example:

DescriptionDollar Amount
Purchase Price$25,000
Loan Balance at time of loss:$20,000
Value of Vehicle at time of loss:$17,000
Amount Insurance Company Pays:$17,000
Remaining Loan Balance:$3,000
ECSFCU GAP Protection Pays:$3,000

Signing up for GAP is easy:

  • Sign up for GAP when you apply for your vehicle loan
  • GAP amount can be rolled into your monthly loan payment
  • GAP is fully refundable if you cancel coverage within the first 60 days
  • Guaranteed Asset Protection coverage is only $400

What is PowerBuy?

PowerBuy provides you with additional funds to finance your next vehicle with East County Schools, in addition to paying off your loan balance, after an insurance payout.

Did you Know?*

  • A vehicle loses 11% of its value the second you drive it off the lot
  • 15-20% is the average value a new car loses annually

*Information from Edmunds.com

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 credit union. 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.

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Members LoveECSFCU!

  • Todd Linke IMG_4888 no wording cropped
    After financing a newly purchased truck with ECS, Todd wrote: Thank you for your efficient and friendly service! I always appreciate the "small bank" customer service, but the "big bank" options!
    Todd Linke, Mount Miguel HS Science Department
  • Karl Danielson 2018
    I've bought three cars through the credit union. They make it very easy, very simple, and you can't beat the interest rate. I highly endorse them, their friendly staff, and the service that East County Schools gives its members!
    Karl Danielson Granite Hills HS Television, Film and Digital Media Teacher
  • ECSFCU is big enough to approve loans with great rates and small enough to provide personal service and products that are important to the educational community.
    Randy Montesanto Grossmont Union High School District
  • We bank with East County Schools Federal Credit Union and learned they also have a great car buying service! We decided to look into it and ended up with the best customer service, an amazing price, no hassle of going to the dealership, and a brand new 2017 Honda Accord Sport! A year later, we were in need of another car for our growing family. It was an easy decision to go with the credit union and New Cars Inc again. The process and customer service didn’t disappoint once again, and we love our new 2018 Honda CRV! A big thank you to New Cars Inc and ECSFCU!
    Carly and Luke Esquerra