Loan Protection
Guaranteed Asset Protection Plus (GAP Plus)
Don't let a wrecked vehicle wreck your finances.
Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot.* This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan. Plus, it helps you get into your next vehicle by reducing your loan at the credit union by $1,000.
Contact us today to learn more about adding GAP Plus to your vehicle loan so you can worry less about tomorrow.
*Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov 9, 2018. 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.
Mechanical Repair Coverage (MRC)
The miles can add up, but the repair costs don't have to.
Whether you depend on your vehicle for work or getting your family to school and activities, you need transportation that’s safe and reliable. The older your vehicle, the more it takes to keep it in good working order. Not making small repairs can lead to even more expensive repairs. Ignoring repairs can be dangerous. Mechanical Repair Coverage (MRC) can help deflect some of those costly covered repairs while keeping your vehicle running extra miles and extra years.
With various coverage levels and deductibles to choose from, there’s a plan to fit your family’s budget.
Benefits for covered repairs:
- Limit repair costs to your deductible, if any.
- Choose your deductible: [$0, $100, $250, or $500].
- Rental reimbursement up to $35/day for 5 days (up to an additional 5 days with verified parts delay) from day one.
- 24-hour emergency roadside assistance up to $100 per occurrence. Includes towing, battery jumpstart, fluid delivery, flat tire assistance & lockout service.
- Travel reimbursement up to $200 per day for 1-5 days for food, lodging & transportation expense, when a covered breakdown occurs 100 miles or more from home. (Not available to NY residents.)
- Good at any authorized repair facility in the U.S. or Canada.
- No out of pocket expense except any deductible. Plan pays the repair facility.
- Transferable to increase resale value. Only if sold privately. Subject to transfer fee.
- Cancel for full refund within 60 days. A full refund is available only if coverage is unused in the first 60 days. If used or cancelled after 60 days, refund is prorated less administrative fees. Cancellation administrative fees vary by state.
Ask a Parda Federal Credit Union representative for details or get a quote by calling 800.860.5640.
Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA, where coverage is offered as insurance by Virginia Surety Company, Inc., in WA, where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., in FL, LA , and OK, where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023 and Oklahoma License #44198051), all located at 175 West Jackson Blvd., Chicago, Illinois 60604, 800.752.6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In CA, where Mechanical Repair Coverage is offered as insurance (form MBIP 08/16), it is underwritten by Virginia Surety Company, Inc. Coverage varies by state. Replacement parts may be used or remanufactured. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product.
MRC-2425078.1-0219-0321 © CUNA Mutual Group 2019, All Rights Reserved.
Life can be wonderful. But it can also get complicated when unexpected things happen. Protecting your loan balance or loan payments against LifePlus, Disability & Involuntary Unemployment could help protect your finances. Life Plus adds protection for financially-stressful life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave, and the loss of life of a non-protected dependent. This protection could cancel your loan balance or loan payments up to the contract maximums. Protect your loan payments today so you can worry less about tomorrow.
It’s simple to apply for Members Choice™ Borrowers Security. It’s voluntary and won’t affect your loan approval.
Call Parda at 800.860.5640 and ask about protecting your loan payments today.
Your purchase of Members Choice™ Borrowers Security with Life Plus 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 Member Agreement for a full explanation of the terms of Members Choice™ Borrowers Security. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.
Unique ID & Copyright DP-3109083.1-0620-0622 © CUNA Mutual Group 2018, All Rights Reserved.
Life, Terminal illness, Accidental Dismemberment, Hospitalization, Family Medical Leave, Loss of Life of a Dependent, Disability, or Involuntary Unemployment Claim? We are here to help!
In your time of need, our claims process is quick and easy. If you elected payment protection on your loan, you can use this convenient claims process to quickly and easily file your claim. To begin, please fill out a claim form. Please be sure you are using Chrome, FireFox, or Edge Browser. This portal is not supported by Internet Explorer.
If you prefer, call 1.800.621.6323 to begin the process and a CUNA Mutual Group Claims Specialist will guide you through the process.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Payment protection products include debt protection products available through the credit union.
