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Guaranteed auto protection (GAP)

Total loss protection and then some.

Many people have heard of GAP insurance, but most people don’t know the true value of carrying GAP coverage on your auto insurance policy.

The moment you drive your vehicle off the lot, it depreciates about 20% on average. And you can count on roughly a 15% decline in value each year for the next four years. If your vehicle is stolen or damaged and deemed a total loss, you are responsible to pay the difference between what you owe and what your insurance company says your vehicle is worth.

GAP can help cover the difference and potentially save you thousands of dollars. Here’s an example:

Description

Value

Your loan/lease payoff

$20,000

Vehicle value determined by primary insurance

- $16,000

Primary insurance deductible

- $500

Your responsibility without GAP

$4,500

GAP will help cover

$4,500

What you owe after GAP

$0

You should strongly consider GAP coverage if…

  • You lease a vehicle
  • You finance for 60 months or more
  • You put less than 20% down
  • You roll negative equity from a previous vehicle loan into your new loan
  • You purchase a vehicle with a high depreciation rate

To learn more about this product, email customerservice@oklahomacentral.org or call 918-664-6000, select option 8.

Please Note: For your personal security, when contacting us via the email box above, do not include any confidential information, such as your account number, social security number, PIN, password, etc. A secure, encrypted email box is available only through online banking. If you need assistance that requires personal information to be shared, please call 918-664-6000 to speak directly to a representative. Also, always be aware of phishing scams using fictitious emails that appear to be from the credit union, asking for your personal information or advising you to click on a link that takes you to another Website. Oklahoma Central will never request such information via an unsecured email.

Extended protection plans for new and used vehicles

Your vehicle is a major investment. Next to your home, it’s probably the biggest investment you may ever make. Ensure your investment is protected and reduce the possibility of out-of-pocket expenses that arise from mechanical and electrical repairs that occur when you vehicle suffers an unexpected mechanical failure.

Mechanical breakdown protection ensures that tomorrow’s repairs will be covered today.

Our programs complement your vehicle’s factory warranty and the way you drive. Choose from new or used plans that provide options from basic powertrain protection to coverage of almost every mechanical and electrical component of your vehicle.

To learn more about this product, email customerservice@oklahomacentral.org or call 918-664-6000, select option 8.

Please Note: For your personal security, when contacting us via the email box above, do not include any confidential information, such as your account number, social security number, PIN, password, etc. A secure, encrypted email box is available only through online banking. If you need assistance that requires personal information to be shared, please call 918-664-6000 to speak directly to a representative. Also, always be aware of phishing scams using fictitious emails that appear to be from the credit union, asking for your personal information or advising you to click on a link that takes you to another Website. Oklahoma Central will never request such information via an unsecured email.