Loan Protection

Guaranteed Asset Protection (GAP) Waiver

If your vehicle were to be totaled by accident or stolen, 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 protected loss occurs, GAP may cancel the difference between your primary insurance settlement and the current outstanding balance on your loan or lease. GAP is designed to protect your vehicle lease or loan. It may also protect your vehicle insurance deductible as part of the GAP amount.

GAP thru Firelands Federal Credit Union may also cancel $1000.00 toward the purchase of your next vehicle if you had a total loss and financed your vehicle again with us within 120 days after the primary insurance company issues a settlement check. This $1000.00 would make a great down payment wouldn’t it?

The best part is that we sell GAP at a very competitive price. It can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out-of-pocket expenses if your vehicle is totaled. 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.

Your purchase of MEMBER’S CHOICE® Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with Us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP-1618050.1-1016-1118.

MEMBER’S CHOICE® Credit Life and Disability Insurance

Protection from MEMBER’S CHOICE Credit Life and Disability Insurance is available with any of our loan products and knowing you’re protected could help bring you peace of mind. 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.  MEMBER’S CHOICE Credit Disability Insurance may help you make your loan payment, up to the policy maximum, if you become totally disabled due to a covered injury or illness. 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

Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan.  Certain eligibility requirements, conditions, and exclusions may apply.  Please contact your loan representative, or refer to the Group Policy for a full explanation of the terms. CDCL-1612322.1-1016-1118

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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