CUNA Mutual, CUDL Join To Offer Gap Protection
CUNA Mutual Group said it is joining with CU Direct Corp., which runs the Credit Union Direct Lending (CUDL) program, to offer Guaranteed Automobile Protection (GAP) to members buying new and used cars at dealerships participating in the CUDL program. The program will be offered in select markets. "We've seen huge member demand for GAP," said Rich Fischer, VP-credit insurance products with CUNA Mutual. "The coverage supplements insurance to fully protect members from loss if a vehicle is damaged beyond repair or stolen. With the high cost of automobiles, there is often a large gap between the insurance settlement after an accident or theft and the amount a member owes on the loan. GAP pays that difference so members are not burdened with loan payments on a car that, for all practical purposes, no longer exists."