Loan Protection

GAP Waiver

If your vehicle were to be totaled by accident, theft, fire, vandalism, or Mother Nature, your insurance company would typically pay the actual cash value. That may be less than its actual retail value. It is often considerably less than the actual amount you still owe on your loan or the amount due for a lease payoff. GAP can provide valuable protection during the early years of your car's life if you have a loan or a lease.

If a loss occurs, GAP will pay the difference between the actual cash value of the vehicle and the current outstanding balance on your loan or lease. Gap protects your vehicle lease or loan. Sometimes it will also pay your regular insurance deductible.

GAP thru Firelands Federal Credit Union would also give you $1000.00 toward the purchase of your next vehicle if you had a paid claim and financed your vehicle again with us. This $1000.00 would make a great down payment wouldn’t it?

The best part is that we sell GAP at a very affordable price. In fact, it may only raise your payment a few extra dollars. That’s a small price to pay for the security it offers. If you are interested in adding GAP, please call the credit union and tell us you would like to speak to a loan officer about our GAP waiver.

MEMBER’S CHOICE® Credit Life and Disability Insurance

Protection from MEMBER’S CHOICE Credit Life and Disability Insurance helps to bring you peace of mind and is available with any of our loan products, except credit cards. With payment protection like MEMBER’S CHOICE Credit Life Insurance, if you pass away and your claim is payable, your eligible loan balance is reduced or paid off. With MEMBER’S CHOICE Credit Disability Insurance, if you are totally disabled due to injury or sickness, your loan payments will be paid until you are well or reach the benefit maximums. Check with your loan officer for more details on MEMBER’S CHOICE Credit Life and Disability Insurance on your next loan. If coverage is issued, the premium will be included in your loan payment.

Credit Life Insurance

Credit Disability Insurance

*Be sure to read the Credit Insurance Application and Certificate of Insurance which will explain the exact terms, conditions, and exclusions of the policy. Only a licensed insurance agent may provide consultation on your insurance needs. This is a voluntary insurance product. Your financing outcome is not based on your selection of this product. Claims may be filed electronically via Claims Online at or by completing a Disability Claim Notice available at your credit union. MEMBER’S CHOICE Credit Disability and Credit Life Insurance are underwritten by CMFG Life Insurance Company.

Insurance products sold through or in the credit union are not insured by the National Credit Union Administration and are not issued, guaranteed, or underwritten by the credit union or the National Credit Union Administration or any other federal government agency; and there is no requirement or obligation to purchase insurance from the credit union or any subsidiary, affiliate, or particular unaffiliated third party as a condition to obtaining a loan, and a decision as to insurance agents will not affect the credit terms in any way. The credit union may not condition an extension of credit on an agreement not to obtain, or a prohibition on the applicant from obtaining an insurance product or annuity from an unaffiliated entity. 

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