Monthly Archives: February 2017

Turn a Total Loss into a Fresh Start for Your Credit Union Members

One of the biggest financial risks that both members and credit unions face is the fact that vehicles experience significant depreciation the minute they are driven off the lot. We know that GAP Waivers offer members protection against some of the risk of depreciation by helping to waive any remaining loan balance after the primary insurance settlement in the event of a total loss. However, GAP Waivers do not always help the borrower get back into a vehicle comparable to the one they originally purchased. A few reasons for this are diminished market value, inflation and that primary insurance carrier settlements are often under book value. Our partners at Frost have recently introduced a GAP enhancement that can increase the value of your GAP offering called the TotalRestart – Loyalty Membership Program.