GAP

 

vero-gap-h15

 

Generate More Income For Sales

Today individuals are financing loans for longer terms, and with little or no money down, their vehicles are quickly losing value in relationship to their loan. This causes a critical gap between the true vehicle value and what they actually owe on the vehicle.

To help deal with this “gap,” CUDL offers participating dealerships the opportunity to sell Guaranteed Auto Protection (GAP). CUDL GAP, administered by an authorized carrier, protects the member and limits the member’s financial obligation between the outstanding balance as of the date of loss and the member’s insurance settlement in the event the vehicle is deemed a total loss due to an accident or theft.

An Added Level of Protection

With this valuable coverage, credit union members can now have an added level of protection on their vehicle. CUDL GAP protects new and used vehicles with an MSRP or retail book value up to $100,000. The plan also covers insurance deductibles up to $1,000. Even if a member’s primary insurance is no longer in effect—whether it has lapsed or been cancelled—CUDL GAP covers the difference between what the primary insurance would have paid and the loan payoff as of the date of the loss.

An Additional Source of Revenue

 Here’s even better news! CUDL auto dealers have an opportunity to increase the profitability of every CUDL approved and funded contract by selling CUDL GAP directly to credit union members. Offering CUDL GAP can also help dealers maintain a high CSI rating, since members will appreciate the added coverage and protection for their auto investment. Dealerships can further strengthen their credit union relationships by offering and promoting this valuable coverage to members. By simply signing a CUDL GAP and an authorized carrier’s contract, your dealership can begin selling GAP immediately through the CUDL program.

Designed to be your Sales Partner

We’ve designed all of our programs to benefit the credit union, the dealership and the customer. That’s why participating dealerships receive one percent (1%) of the total amount of each approved CUDL contract they send through the system. To help make the entire process a smooth one, we’ve also provided a committed staff of Dealer Account Sales Representatives and managers to help you successfully implement the program and establish long lasting relationships with credit unions in the community. CUDL is the credit union industry’s largest point-of-sale lending network. With more than 1,100 dealerships and 1,100 credit unions nationwide participating, CUDL provides credit union members the ability to receive their credit union’s financing right at the dealership.