GAP and Breakdown Protection

Guaranteed Asset Protection (GAP)

New cars rapidly depreciate and quite often when a vehicle is considered “totaled” the cash value is less than the outstanding loan balance. In the case of an accident or theft when your vehicle is damaged beyond repair, Guaranteed Asset Protection will pay the loan amount difference after the insurance company’s settlement, giving you one less thing to worry about. We also now have a new Auto Deductible Reimbursement feature that is included with this product. Click here for details on this additional service.

The total cost of this protection is $250 and this premium can be financed into the loan amount.  New and Used autos, vans and light trucks up to one ton capacity are eligible, along with motorcycles, ATVs, jet skis, snowmobiles and watercraft up to 17 feet.  The maximum loan term is up to 84 months and the maximum benefit is $50,000.

Mechanical Breakdown Protection

The Mechanical Breakdown Protection offers you a comprehensive extended warranty that protects you from the high cost of parts and labor if a breakdown occurs.  The cost of this protection at Family First is often less than is offered through the dealerships with greater coverage.  Premiums can be financed with the loan and are variable based on the vehicle and deductible options you choose.  The protection is also completely transferable if the vehicle is sold to a new owner. 

This program includes rental reimbursement, 24-hour road-side assistance and towing reimbursement, and emergency travel expense when more than 100 miles from home.  New and used vehicles up to 10 model years old with 100,000 miles or less are eligible for coverage.  Repairs can be made at any pre-authorized mechanic repair facility and the plan pays the repair facility directly. 

If you are interested in adding GAP or Mechanical Breakdown Protection to your next vehicle, talk with a Family First Member Service Representative at 585.586.8225 or stop by one of our convenient branch locations.