Elevations offers both Guaranteed Asset Protection (GAP) and Mechanical Repair Coverage (MRC) for vehicles. For just a few dollars a month, you can potentially save yourself from unexpected financial hardship.
Guaranteed Asset Protection (GAP)
Hopefully, your vehicle will never be stolen, damaged beyond repair, or declared as a total loss. But if it is, there could be a big difference between what your auto insurance pays and what you owe on your loan. That “gap” will come out of your pocket unless you have GAP insurance. GAP can save you from making loan payments on a car, truck or other vehicle that’s beyond repair or stolen and not recovered. GAP Plus coverage also includes up to $1,000 toward your down payment of a replacement vehicle (where allowed by law and when financed by Elevations Credit Union).
Mechanical Repair Coverage (MRC)
MRC helps pay for covered repairs on your car when that unexpected breakdown occurs - potentially saving you hundreds or even thousands. MRC complements your manufacturer’s warranty because the roadside assistance and travel expense reimbursement can be used immediately. Later on down the road, your protection continues seamlessly after your manufacturer’s warranty expires.
It’s Easy to Sign Up
You can sign up for one or both of these when you apply for your auto loan. There’s no underwriting, no red tape, no hassles. And for your convenience, the amount can be rolled into your monthly payment.
You can also add GAP or MRC after the loan has been put into place. Simply:
GAP is fully refundable if you cancel the coverage within the first 90 days. MRC is cancelable at any time on a pro-rata basis.