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Payment Protection

Guaranteed Auto Protection (GAP)


If you recently purchased a new car, chances are that you still owe more than the car is worth. In the event of an accident, your insurance settlement may not cover your entire loan balance. If your vehicle is stolen or damaged beyond repair, GAP is designed to eliminate your unpaid balance. For the one-time cost of $275, GAP supplements the difference between the actual cash value of your car and your outstanding loan balance. The cost of GAP can also be rolled into your monthly auto loan payment.


PARDA also offers additional protection products for your new purchase. Major Mechanical Protection (MMP) is an extended warranty offering automobile protection that extends beyond the manufacturer’s factory warranty. This protection will cover repairs of unexpected mechanical breakdowns. For the period of time the contract is in effect, you are assured that covered components of your vehicle will be repaired in the event of failure, including labor, subject to any applicable deductible. PARDA offers several great plans to fit any car or budget.

Your car is an important investment. Now that you have the information, make sure you have the coverage you need. Most car dealers will offer GAP or MMP, but PARDA can usually offer the same protection for much less. Make sure to ask us before you buy! To learn more about GAP or MMP plans, please call us at 800.860.5640


Debt Cancellation Protection

Are you concerned about protecting your family and financial obligations if you lose your job or become disabled? When unexpected events happen, debt cancellation protection protects you by cancelling some or all of your debt when a protected event occurs. Our payment protection plan takes care of your loan payments should you become involuntarily unemployed, disabled, have family medical leave hardship, or experience loss of life.

Payment Protections Plans are available for the following loans:

• Automobile
• Recreational Vehicles
• Line of Credit


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*APR – Annual Percentage Rate, subject to change. Subject to credit approval. The APR disclosed above is the lowest rate available for members with an excellent credit history and includes the rate reduction and the .25% direct deposit rate reduction. Your rate will reflect your individual credit history and may be higher than the rate quoted here. Not a promise to lend; standard credit qualifications and some restrictions apply. This promotion does not apply to existing PARDA FCU loans.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.