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Guaranteed Asset Protection

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Guaranteed Asset Protection (GAP) is a product designed to cover the difference between your outstanding loan balance, and the actual cash value of your vehicle in the event of a total loss or unrecovered theft. There is a one-time fee for GAP, which can be rolled into the loan, or you can pay for it separately if you opt to take GAP after the loan is originated.

Without GAP

Loan balance: $20,000
Insurance settlement: $17,000
You owe: $3,000

With GAP

Loan balance: $20,000
Insurance settlement: $17,000
You owe: $0

Please note: GAP does not replace your primary vehicle insurance coverage.

Additional Benefits

If you purchase GAP, you'll receive other great benefits.

GAP Advantage

You'll receive a $1,000 credit toward the financing of a replacement vehicle. You must finance your new vehicle with Northern Illinois Federal Credit Union within 90 days of the date of your loss.

Auto Deductible Reimbursement

You'll be reimbursed for your insurance deductible, up to $500 per loss. You must file a claim and it must be paid by your insurance company. You'll also be reimbursed for your deductible if you file a claim for any other vehicle that's insured under the same policy (as evidenced by the title or registration). This benefit is available for three years after you purchase GAP.

Frequently Asked Questions

  • Can the GAP fee be rolled into my auto loan?

    You can add the cost of GAP to your auto loan or pay for it separately.

  • Is there a loan-to-value limitation?

    The loan amount cannot exceed 125% of the manufacturer's suggested retail price (MSRP) on a new vehicle, or 125% of the J.D. Power retail value.

  • Can I cancel GAP?

    You can cancel GAP within 60 days of the effective date for a full refund.

  • Who files the claims?

    Northern Illinois Federal Credit Union files the claim for you.

  • Does the vehicle loan that I want to purchase GAP for have to be financed with NIFCU?

    Yes. If your vehicle loan is currently with another institution, you are welcome to refinance your loan with NIFCU and purchase GAP at that point

  • What do I do if my vehicle is totaled?

    Let us know as soon as possible so we can start submitting your claim. We will guide you along the way and let you know what documentation we need.

  • How long does it take to process a claim?

    The claim process depends on how quickly your insurance provider processes your claim. We'll need documentation from you and your insurance company. Once we receive the documentation, we'll submit it to the appropriate provider.

  • How long do I have to purchase a different vehicle to use the GAP Advantage benefit?

    You have 90 days from the date of your loss to use the GAP Advantage benefit.

  • Are there any claim limitations on the auto deductible reimbursement?

    There is no limit on the number of claims. This benefit is available to you for three years after you purchase GAP.


"GAP helped pay off the remaining balance of my totaled vehicle. It also gave me $1,000 toward my new vehicle, which made the transition as smooth and painless as possible. I will absolutely get GAP on every vehicle I purchase in the future."
-by Jessica W.