PR Log - Sep 20, 2011 - Rapid City, S.D. ¬– After strong storms caught many South Dakotans with massive hail damage last month, local Credit Unions are taking the opportunity to educate and remind their members on the importance of GAP Protection for their vehicles.
Car insurance companies do not use the same method of determining value on your car as a dealership or lender does. What this means is that you typically pay ‘retail’ value for a vehicle which is substantially more than what your car is actually worth. For those unfortunate enough to see major hail damage to their vehicle in last month’s storms, they may be faced with owing several thousands of dollars on a vehicle that has now been declared a total loss by their insurance company.
When our member come to use for a new vehicle purchase, we try to emphasize how important GAP protection is so they do not end up with a large amount of negative equity to be rolled into a new loand or lease, in the event of a total loss,” said Josh Campbell, Financial Services Manager at Highmark Federal Credit Union
As an added benefit of purchasing your GAP Protection from the credit union, Highmark offers what is called GAP Plus to their members. This benefit provides them with $1,000 towards their next vehicle if they purchase GAP Protection through Highmark Federal Credit Union and experience a total loss.
"By offering our members GAP Plus, we are providing them with more value for their money. Although GAP Protection isn’t necessary on every loan, most borrowers should consider protecting themselves if they are financing most of the car’s retail value. This is especially true for newer car purchases as newer cars will depreciate faster than a used car that has already been depreciated over time," said this Rapid City Credit Union Financial Services Manager.
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As the leading Rapid City Credit Union, Highmark Federal Credit Union is a not-for-profit organization that takes pride in the level of customer service they provide to each and every one of their members. From standard checking and savings accounts to business lending and car loans, Highmark Federal Credit Union can help assist you with any financial challenges you may be facing. For more information visit, http://www.highmarkfcu.com
Read Full Story - Rapid City Credit Union Emphasizes the Importance for GAP Protection | More news from this source
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Car insurance companies do not use the same method of determining value on your car as a dealership or lender does. What this means is that you typically pay ‘retail’ value for a vehicle which is substantially more than what your car is actually worth. For those unfortunate enough to see major hail damage to their vehicle in last month’s storms, they may be faced with owing several thousands of dollars on a vehicle that has now been declared a total loss by their insurance company.
When our member come to use for a new vehicle purchase, we try to emphasize how important GAP protection is so they do not end up with a large amount of negative equity to be rolled into a new loand or lease, in the event of a total loss,” said Josh Campbell, Financial Services Manager at Highmark Federal Credit Union
As an added benefit of purchasing your GAP Protection from the credit union, Highmark offers what is called GAP Plus to their members. This benefit provides them with $1,000 towards their next vehicle if they purchase GAP Protection through Highmark Federal Credit Union and experience a total loss.
"By offering our members GAP Plus, we are providing them with more value for their money. Although GAP Protection isn’t necessary on every loan, most borrowers should consider protecting themselves if they are financing most of the car’s retail value. This is especially true for newer car purchases as newer cars will depreciate faster than a used car that has already been depreciated over time," said this Rapid City Credit Union Financial Services Manager.
- - -
As the leading Rapid City Credit Union, Highmark Federal Credit Union is a not-for-profit organization that takes pride in the level of customer service they provide to each and every one of their members. From standard checking and savings accounts to business lending and car loans, Highmark Federal Credit Union can help assist you with any financial challenges you may be facing. For more information visit, http://www.highmarkfcu.com
Read Full Story - Rapid City Credit Union Emphasizes the Importance for GAP Protection | More news from this source
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