Other Loan Products

Guaranteed Asset Protection

There could be a big difference between what your insurance will pay and what you owe on your vehicle, motorcycle, recreational vehicle or watercraft loan.

Most vehicles depreciate by thousands of dollars the instant you drive it off the dealer lot. Unfortunately, if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference or the 'gap' between your insurer's settlement and your loan balance.

GAP is low-cost coverage that pays the potentially high-cost difference between your insurance and loan balance. GAP can save you from making loan payments on a vehicle that is stolen or damaged beyond repair. GAP Plus also includes up to $1,000 toward your down payment of a replacement vehicle (where allowed by law) when financed with Southern Mass Credit Union.