We will be closed on June 19, 2024 in observance of Juneteenth. You can access your accounts through our online banking portal or through our mobile app. Download the CTECU app in the Apple App Store or Google Play Store.

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Guaranteed Asset Protection (GAP)

Calcasieu Teachers & Employees Credit Union can help you protect your vehicle in case of a total loss or theft.

No one wants to keep making payments on a vehicle that has been declared a total loss or has been stolen. So, let the Credit Union protect you from having to continue making those payments.

Benefits of GAP+1

How does GAP work?

GAP PLUS Protection will waive the difference between what the insurance company paid (ACV – actual cash value) and the loan amount, if the loan amount is higher. For example:

Insurance Settlement
Vehicle ACV + $11,000
Deductible - $1,000
Insurance Settlement = $10,000
Loan Settlement
Outstanding Loan Balance - $15,000
Insurance Settlement + $10,000
Loan Balance after Insurance Settlement = - $5,000

In this example, GAP Protection would pay $5,000 to cover the remaining loan balance deficiency!

How does ADR work?

Auto Deductible Reimbursement (ADR) Protection2 is an added benefit provided at no additional cost when you purchase GAP+ Protection. ADR Protection will reimburse up to $500 of your deductible for any loss on your auto insurance policy. To receive the deductible payment, the member’s vehicle must be owned (titled or registered) and insured.

2Auto Deductible Reimbursement (ADR) is provided at no additional cost when you purchase GAP+ Protection. Unlimited claims and coverage for all household autos. Coverage is for the 1st 36 months after purchase of a GAP+ policy.

3If a member purchased a GAP+ policy and has a total loss, Calcasieu Teachers & Employees Credit Union will provide $1,000 towards a replacement vehicle if the new vehicle is financed with CTECU. This only applies to GAP+ policies.

4GAP protection pricing is dependent on the type of vehicle being purchased.

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