Mechanical Breakdown Protections (MBP)
MBP provides protection against mechanical breakdowns beyond your existing manufacturers warranty.
Guaranteed Asset Protection (GAP)
If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared a total loss, most auto insurance will only cover the actual cash value of the vehicle. You, as the insured, remain liable for the difference between the insurance settlement and amount originally borrowed. Guaranteed Asset Protection or “GAP” may pay the difference, for those items directly related to the purchase of the vehicle, and protect you from potential financial burden. GAP may be purchased during the time you are financing your vehicle, which may be added in with your loan amount requested. Ask your loan officer for more information about the benefits of GAP!
Payment Protection Program is an agreement between you and your credit union that can cancel or reduce repayment of your loan debt if you die or become involuntarily unemployed or disabled.
Collateral Protection Insurance
If you received a letter requesting a current copy of your insurance. Please recall that as part of your loan obligation you are required to maintain physical damage insurance for the full term of your loan. See Below Questions and Answers for more information.
What Do I Need?
You will need your insurance declarations page and the notice from your lien holder or mortgagee available to complete the verification process.
What Do I Do Now?
If you have insurance, you may go to the Insurance Verification Form for a property or vehicle and provide us with your data under strict security. We will contact your insurance agent to verify that the data on the form is correct.
If you do not have insurance, you should contact an insurance agency or company of your choice and purchase full coverage, including comprehensive and collision, and list the lien holder/mortgagee as listed on the notice you received.Go to main navigation