Payment Protection

Being prepared is the key to your peace of mind!

At First United CU, we offer solutions to enhance and protect your financial well-being. And if you borrow from us, consider our affordable payment protection plan. It’s available on a variety of loan options, in three easy steps.

1) GAP Coverage

Also known as Guaranteed Asset Protection, this valuable coverage can be added to any auto loan at loan closing.

How it works:

It pays off your loan balance if your car is stolen, accidentally damaged beyond repair, or otherwise declared a total loss. It can also provide $1,000 towards your next vehicle and $500 towards your insurance deductible.

Why does it make sense?

Auto insurance covers only the car’s replacement value; however, there may be a “gap” between your loan balance and the final insurance payment. Unfortunately, this gap can amount to hundreds or even thousands of dollars – costing you money when you can least afford it. With GAP coverage, any residual loan balance is paid in full.

2) Credit Life & Disability Insurance

This coverage will safeguard your loans and ensure loved ones won’t inherit your debt or loan payments should you die or become disabled. You can add this coverage at any time to your consumer loan.

Consider two plans:

  • Credit Life Insurance pays your loan balance in case of your unexpected death. It’s available for a minimal cost on nearly all consumer loans, excluding your mortgage or credit card.
  • Credit Disability Insurance is another excellent option. If you become sick or hurt and unable to work, this coverage automatically makes your payments for you. As you focus on getting better, you’ll rest easy knowing your payments are covered until you’re back to work or the loan is paid.

3) Mechanical Breakdown Insurance

Unfortunately, auto repairs are a fact of life, and they often occur after the manufacturer’s warranty has ended. With Mechanical Breakdown Insurance (or MBI), your car’s warranty is extended, giving you protection against costly repairs. It also covers emergency roadside assistance, rental car allowance, battery coverage, and more. You can request MBI coverage at any time – either included as part of your loan or purchased separately, later on. It can also be obtained for other vehicles you own.

Enhancing your car’s value:

If you drive your car longer than the average, this coverage makes especially good sense. And, it can increase your car’s value if you decide to sell.

Get Started On Any Of These Coverages.

Payment protection plans are not only affordable but will also provide you with the peace of mind you deserve. To learn more or obtain a free quote, call or text us at 616.532.9067.