GAP Advantage with PowerBuyTM
If you were to experience a total loss or theft of your car, your insurance company might not pay off the cost of the remainder of your loan. That’s where Tower’s Guaranteed Asset Protection (GAP) Advantage with PowerBuy can “fill the gap.” It can pay up to the remaining balance of your vehicle loan after your insurance payout AND provide you with additional funds to finance your next vehicle with Tower.
Eligible vehicles include: new and used cars, light trucks, vans, SUVs and motorcycles.
(Motorcycles are not eligible for Auto Deductible Reimbursement).
Member benefits include:
- Low price of $499 that can be financed conveniently into your Tower vehicle loan
- Auto Deductible Reimbursement—lnsurance deductible reimbursement up to $500 for minor collisions in the first 36 months of coverage on an unlimited number of claims
- Auto Advantage Protection—$1,000 towards the purchase of a replacement vehicle financed with Tower. (Replacement vehicle must be financed with Tower within 90 days from insurance settlement date.)
- PowerBuy Benefit—Up to $5,000 towards the purchase of a replacement vehicle financed with Tower. (Replacement vehicle must be financed with Tower within 90 days from insurance settlement date.)
- Access to a dedicated, knowledgeable Tower claims advocate—an expert at working hand-in-hand with the claim company’s processors on your behalf.
WITHOUT GAP ADVANTAGE WITH POWERBUY
Your auto investment may not be covered.
WITH GAP ADVANTAGE WITH POWERBUY
Your auto investment is covered, along with the money for a replacement vehicle.
PAYMENT EXAMPLE
| Vehicle Actual Cash Value | $17,500 |
| Insurance Deductible | -$500 |
| Check amount from Primary Insurance | $17,000 |
| Loan Balance at time of Loss | $23,000 |
| Check amount from Primary Insurance | -$17,000 |
| Remaining Loan Balance (amount owed without GAP) | $6,000 |
| With GAP Advantage with PowerBuy | -$6,000 |
| Final Loan Balance | $0 |
| Auto Advantage Protection | +$1,000 |
| PowerBuy Benefit | +$5,000 |
| +$6,000 |
With GAP Advantage with PowerBuy you could receive up to $3,500 towards your replacement vehicle.
Want to know more?
– Get a Quote
– Loan Protection Inquiries call 866-56-TOWER or 301-497-7000, Email: gapmmpdebtcan@towerfcu.org
– How to file a GAP claim (PDF)
– Brochure (PDF)
– Loan Rates
– Apply Now
– Auto Center
– Tower Car Buying Service
Your purchase of GAP Advantage with PowerBuy is optional. Whether or not you purchase GAP Advantage with PowerBuy will not affect your application for credit or the terms of any existing credit agreement you have with Tower. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits of GAP Advantage with PowerBuy. You should carefully read the contract for a full explanation of terms. Cost can be included in your loan payment or paid in one lump sum from your Tower account.