Guaranteed Auto Protection (GAP) is low-cost coverage designed to cover the difference between what you owe on your vehicle and what the insurance company will pay in the event that your car is totaled. For just a few dollars a month, GAP can save you from having to make payments on your vehicle if it's damaged beyond repair.

Most people learn the hard way about GAP and believe that if their vehicle is totaled or stolen, their primary insurance will pay off their loan balance. Well, think again!

If your vehicle is totaled or stolen, your primary insurance carrier will usually pay only the actual cash value (current market value) of your vehicle less your deductible. This amount could be substantially lower than the amount you owe on your loan.

The result is a financial GAP where you must pay the difference between your loan balance and your insurance settlement, which could mean thousands of dollars out of your pocket.

Let's say you borrowed $18,000 and at the time of loss you owed $15,000 on your loan. Your insurance company says the actual cash value of your vehicle is $10,000. You are still responsible for the $5,000 balance on your loan. GAP coverage will pay that $5,000.

GAP is easy to get and for added convenience the cost can be rolled into your monthly loan payment.

Call us for more information and protect yourself, your family and your credit rating with GAP ... Guaranteed Auto Protection.

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Mexico Office:
225 River Road
PO BOX 252
Mexico, Maine 04257
Phone: 207.369.9976
Fax: 207.364.8962

Norway Office:
54 Fair Street
Norway, Maine 04268
Phone: 207.743.2638
Fax: 207.743.7138

Email: oxford@ofcu.org
Toll-free: 800.991.9219