Loan Insurance
GAP Insurance
You could lose more than your vehicle if it is stolen or involved in a major accident - you could lose your investment. Most insurance policies only cover the value of your vehicle - something that rapidly declines during the first few years of ownership - which means your loan or lease balance could be higher than the value of your vehicle. Guaranteed Auto Protection (GAP) covers the difference in the balance on a car and its declared value (as determined by your insurance carrier) in the event that it is damaged beyond repair or stolen and never recovered.
Scenario of GAP Coverage
Loan balance after one year $15,000
Value of car after one year $10,000
Insurance settlement $10,000
Deficiency balance $5,000
GAP pays $5,000
You owe $0
Without GAP coverage, you'd be responsible for the $5,000 deficiency balance. Ask how you can add GAP insurance to your loan today.
Debt Protection Plan
Life is unpredictable, but your finances don’t have to be. In the case of unplanned events such as death, disability or involuntary unemployment, our Debt Protection program may cancel your loan balance or monthly loan payments without penalty or added interest. CityMark Debt Protection is available for most closed-end consumer installment loans if the loan has a term of 120 months or less, most consumer loans and home equities.
Loss of life
Cancellation of the remaining loan balance as of the date of death, covering up to $70,000 total.
Disability
Supplements your employer’s disability program up to 12 payments per occurrence covering up to $1,000 per month and $24,000 total.
Involuntary Unemployment
Cancellation of up to six payments per occurrence, covering up to $1,000 per month and $15,000 total.
