Guaranteed Auto Protection (GAP)*

Now Includes Auto Deductible Reimbursement (ADR)

In today’s automobile market, a vehicle begins to depreciate the minute it is purchased. Unfortunately, monthly loan payments do not reduce the outstanding balance as quickly as the vehicle depreciates.

Because of this, a vehicle’ s outstanding loan balance is typically higher than its actual cash value, especially during the first few years of the loan.

When a vehicle is totaled or stolen, the member’s insurance settlement is based on the actual cash value of the vehicle. Because of the way your insurance claim could be paid, the settlement amount may be significantly less than the remaining loan balance. This may create a deficiency balance or "GAP" resulting in a serious financial hardship for our borrower. The "GAP" may even jeopardize repayment of the loan.

GAP is a non-insurance product that covers the difference of the loan payoff amount on a new or pre-owned vehicle and the actual cash value of the vehicle, when it is deemed a total loss by an insurance carrier due to theft or a major accident.

Now with an added benefit Auto Deductible Reimbursement.

Auto Deductible Reimbursement (ADR)

  • Pays up to five hundred dollars ($500) per Loss (limit of two losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title or registration, AND insures under an Auto Insurance Policy designating the Member as the Named Insured.
  • Loss means an event for which the auto insurance company has approved and paid a collision or comprehensive claim which exceeds the Auto Insurance Policy deductible for the Covered Auto.
  • Coverage is effective upon date of enrollment and will continue for three (3) years.

If the Member suffers a Loss during the benefit period which is covered by the Member’s Auto Insurance Policy, the Member may be entitled to reimbursement of the Auto Insurance Policy deductible amount up to five hundred dollar ($500) per Loss. To be eligible for reimbursement the Member must own or lease and insure the Covered Auto under an Auto Insurance Policy designating the Member as the Named Insured.

*GAP and ADR are provided by Allied Solutions, a Provider of Smart Financial.


Mechanical Breakdown Protection*

Is your vehicle fast approaching the end of its factory warranty? Or, are you considering the purchase of a vehicle whose factory warranty has expired? Would you enjoy the feeling of driving your vehicle without worrying about the high cost of repairs?

If you can answer "yes" to any of these questions, then you should know that Smart Financial Credit Union offers Mechanical Breakdown Protection to our Members through Route 66 Warranty.

Our product is designed to protect you against unforeseen mechanical failures in addition to the following:

  • Immediate coverage in the United States and Canada.
  • No deductible (You only pay taxes, fluids and filter)
  • 30 day money-back guarantee
  • Fully transferable
  • Rental car benefits
  • Can be added to your auto loan or purchased outside the loan
  • Battery coverage (an exclusive feature)
  • Direct pay to repair facility
  • Roadside Service
  • Total Loss Refund

*Mechanical Breakdown Protection is provided by Route 66 Warranty, a Provider of Smart Financial.

Debt Protection*

Life is Unpredictable. You may worry about unexpected, real-life events that could leave you scrambling to pay your monthly bills. Debt Protection can help relieve financial pressure in the event of death, disability, or involuntary unemployment.

With Debt Protection, your loan balance will be cancelled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected.

Debt Protection is available for Closed-end consumer loans, open-end consumer credit plans, unsecured lines of credit, or credit cards. Some eligibility requirements, conditions, and exclusions apply to this program. Please contact a Smart Financial lending representative for additional detail about the Debt Protection program.

You may cancel Debt Protection at any time. If you do so within the first 30 days, we will refund any fees already paid

*Debt Protection products are non-insurance product sold by Credit Union and administered by Minnesote Life Insurance Company. Minnesote Life Insurance Company is a subsidiary of Securian Financial Group.