Guaranteed Asset Protection (GAP)
When it comes to protecting your investments, we have your best interest at heart. Assisting you with financing the vehicle of your dreams is only the beginning. GAP provides you with additional protection for when you need it most.
If your vehicle is ever stolen or damaged beyond repair, your insurance company calculates and pays you the cash value of your car. Oftentimes, their calculations may be less than the amount you owe. Without GAP, you are still liable for the remainder of the balance. GAP eliminates this by covering the “gap” your insurance company pays and the amount you still owe.
- GAP covers the remainder of your loan up to $50,000.00 including insurance deductibles up to $1,000.00.
- You will receive $1,000.00 to put toward the purchase of a replacement vehicle financed through BayPort Credit Union.
- Protection available for the term of your loan up to 84 months.
- GAP costs only $379.00 and can either be paid up front or included in your loan.
BayPort Credit Union realizes that finding the right kind of warranty for your vehicle is a complicated and sometimes confusing experience. That's why we now offer Route 66 Extended Warranties that are considerably less expensive than other plans.
- Flexibility: By providing your vehicle identification number and mileage, Route 66 automatically selects the best plan for you based on cost and coverage term. Open enrollment allows you to purchase at any time.
- Affordability: Most coverage with Route 66 will be priced between $1,100.00 and $1,500.00 (with the exception of surcharged vehicles).
- Convenience: The plan can be used at any licensed repair facility in the US and Canada.
- Extra Benefits: In addition to covering your repairs, Route 66 offers rental reimbursement, towing reimbursement, 24 hour toll free roadside assistance, and total loss refund. Electronics coverage is available for an additional cost.
BayPort Loan Protection
Have you ever thought about how you would meet your loan obligations if you lost your job, suffered a disability, or worse, a death? Put your mind at ease with BayPort’s Loan Protection. Our program is a voluntary loan-payment protection plan that can cancel your payments or even your entire balance owed while preserving your family’s standard of living during a time of need.
Visit our FAQs to learn more about BayPort Loan Protection.
If you’re ready to apply for a loan or add additional protection to your existing loan, please contact us. We are committed to providing valuable information and auto loan options to our members in the Tidewater and Hampton Roads, Virginia, area.