PROTECT · DEBT PROTECTION · GAP PROTECTION

Your credit union can help you protect your vehicle in case of a total loss or theft.

No one wants to keep making payments on a vehicle that has been declared a total loss or has been stolen. So, let the Credit Union protect you from having to continue making those payments.

Get to know our GAP PLUS Protection3!

  • Additional $1,000 toward the purchase price of a replacement vehicle, if financed through Calcasieu Teachers & Employees Credit Union
  • Includes ADR at no additional cost1
  • Protects one skip payment per year of the loan
  • Generally priced below similar protection sold by automobile dealerships2
  • It can be added to your loan
  • Protects the first $1,000 of your insurance’s deductible
  • Protects vehicles and powersport vehicles up to a maximum amount of $100,000 and maximum term of 84 months
  • Protects watercraft vehicles up to a maximum amount of $50,000 and a maximum term of 84 months
  • Protects recreational vehicles up to a maximum amount of $125,000 and a maximum term of 84 months

How GAP Works

GAP PLUS Protection will waive the difference between what the insurance company paid (ACV – actual cash value) and the loan amount, if the loan amount is higher. For example:

Insurance Settlement

Vehicle ACV                                                      $11,000

Deductible                                                         $1,000

Insurance Settlement                                        $10,000

Loan Settlement

Outstanding Loan Balance                                $15,000

Insurance Settlement                                        $10,000

Loan Balance after Insurance Settlement         $5,000

In this example, GAP PLUS Protection will pay $5,000 to cover the remaining loan balance deficiency!

How ADR Works

Auto Deductible Reimbursement (ADR) Protection is an added benefit provided at no additional cost when you purchase GAP PLUS Protection. ADR Protection will reimburse up to $500 of your deductible for any loss on your auto insurance policy. To receive the deductible payment, the member’s vehicle must be owned (titled or registered) and insured.

1 Auto Deductible Reimbursement (ADR) is provided at no additional cost when you purchase GAP PLUS Protection. Unlimited claims and coverage for all household autos. Coverage is for the 1st 36 months after purchase of GAP PLUS policy.

2 GAP PLUS Protection pricing is dependent on the type of vehicle being purchased. Ranges from $450 to $700.

3The products are optional. Your credit approval cannot be conditioned on whether you purchase any of these products. You may obtain these products to protect your loan from an entity not affiliated with Calcasieu Teachers & Employees Credit Union.

CALCASIEU TEACHERS & EMPLOYEES CU

PO Box 16134
Lake Charles, LA 70616
(337) 433-4525

Copyright 2019 · ALL RIGHTS RESERVED

CALCASIEU TEACHERS & EMPLOYEES CU

PO Box 16134
Lake Charles, LA 70616
(337) 433-4525

Copyright 2019 · ALL RIGHTS RESERVED