The following Insurance Products are available on most Loan products. Ask a Representative for more information:
Payment protection credit insurance can give you financial peace of mind if the unexpected were to happen. There are two types of payment protection credit insurance:
• Credit Life Insurance – You can’t imagine life without your family, and you can’t imagine your family without you. However, if the unimaginable happens, this can help your loved ones keep their financial footing by paying off or reducing the insured balance on your loan if you die.
• Credit Disability Insurance – You don’t want anything getting in the way of making your loan payments if you have an illness or injury. This is designed to pay your loan payments (up to the contract limit) if you become sick or injured and are unable to work.
covered components of your vehicle will be repaired in the event of a failure, including labor, subject to any applicable deductible. You will also have additional benefits such as 24/7 roadside assistance and rental vehicle reimbursement.
GAP is a voluntary, non-insurance product designed to waive the remaining loan balance not covered by the borrower’s primary insurance carrier settlement in the event of a total loss or unrecovered theft, subject to limitations and exclusions, including but not limited to loan to value (LTV) maximum, delinquent payments, late charges, refundable service warranty contracts and other insurance related charges.
DPW covers the depreciation of the vehicle. It is a debt cancellation product that in the event of a total loss or unrecovered theft provides a benefit equal to the difference between MSRP or J.D. Power Retail value of the vehicle at the time of coverage enrollment and the loan balance at the time of the total loss. The waiver benefit will not exceed the maximum benefit selected or the outstanding loan
balance, whichever is less.
The Auto Advantage Program is an involuntary benefit provided to the borrower on behalf of the financial institution when a borrower purchases a GAP or DPW policy.
Auto Deductible Reimbursement (ADR) is the primary benefit included in the Auto Advantage Program. ADR is an individual member benefit that reimburses the deductible for any loss covered by the borrower’s auto insurance policy for ALL passenger vehicles owned or leased (i.e. titled, registration, or loan documents) AND insured (i.e. Named Insured or Listed Driver) by the enrolled member.
