Debt Protection and Repair Coverage Information PDF

Guaranteed Asset Protection (GAP) GAP coverage helps protect the member from financial loss in the event their vehicle is stolen or in an accident. The GAP coverage pays the difference between the amount the auto insurance agrees to pay and the actual cost of repairs. In the event of total loss, t...

Guaranteed Asset Protection (GAP) GAP coverage helps protect the member from financial loss in the event their vehicle is stolen or in an accident. The GAP coverage pays the difference between the amount the auto insurance agrees to pay and the actual cost of repairs. In the event of total loss, the member will also receive \$1,000 toward the purchase of a new vehicle if the replacement vehicle is financed through ACCU. GAP can be added at any time as long as LTV is still at 100% however, since they didn't add GAP at closing they will have to pay cash. **Gap Cost:** **\$449 (can be purchased separately, or included in the loan finance amount)** -------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------ **Can Members Add This After the Loan Closing:** Yes, the member will need to pay fee separate from loan **Can Members Cancel at Any Time :** Yes, but the fee is only refundable if cancelled within 90 days of the loan closing. The \"90 day free look form\" needs to be completed by the member to cancel Additional Information - All Vehicles, and Recreational Vehicles qualify for GAP. - Classic Autos are the only exception, and do not qualify CUNA Debt Protection Debt Protection is a voluntary loan-payment protection option that provides relief from the financial burden of the loan payment in the event of an unexpected life event (involuntary unemployment, disability, or loss of life). Debt protection lessens worries during a time when member\'s income may be reduced or lost and paying other bills becomes a challenge. It will also provide protection for their loved ones preventing responsibility for the covered individuals loan balance in the event of loss of life. **Fee:** **Yes, based on percentage of loan balance.** -------------------------------------------------- ----------------------------------------------- **Can Members Add This After the Loan Closing:** Yes **Can Members Cancel at Any Time :** Yes, need written request to cancel Additional Information - Qualified loans - Credit Card - Home Equity - Vehicle Loans - Recreational Vehicle Loans Mechanical Repair Coverage (MRC) Mechanical Repair Coverage is similar to an extended warranty where coverage is provided for repairs necessary on a vehicle. The cost is based on the year of the vehicle and the average anticipated yearly mileage. Mechanical Repair Coverage offers additional benefits that many other extended warranty programs do not, such as: - Add-on miles coverage for all vehicles, new and used - Rental coverage - Roadside assistance - Emergency Travel Reimbursement - Transferable Coverage   [**CLICK HERE**](https://www.loanliner.com/Folder/Manager/default/quote/new) to start a new MRC Quote (must have CUNA login, see VP of Retail) **Fee:** **Varies - Based on Make & Model Year** -------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- **Can Members Add This After the Loan Closing:** Yes, member will have to pay out-of-pocket for the additional coverage. **Can Members Cancel at Any Time:** Yes, if cancelled within 30 days of loan closing. The \"30 day free look form\" needs to be completed by the member to cancel Additional Information - Coverage varies depending on the package selected. - Repairs not covered would be any normal maintenance services such as batteries, filters, hoses, belts, wiper blades, brake pads and shoes, rotors or drums, etc. Please refer to CUNA for additional exclusions.