Loan Insurance & Protection

GAP

Get GAP with Deductible Assistance and 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 lose on average 19% the first year you own it, half of which occurs immediately after taking possession.* This leaves a “gap” between what you owe on your loan and the value of your vehicle. In the event of a total loss due to an accident or theft, GAP is designed to cancel the difference between what you owe on your loan and the amount paid by your primary auto insurer. Additionally, GAP policies at First Class Community Credit Union will also cover your first $1,000 towards a replacement vehicle.

Contact us today to learn more about how you can add GAP with Deductible Assistance to your vehicle loan.

*What is the Average Car Depreciation Rate? John Diether, Cars Direct, May 23, 2016 Disclosure: Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP), which includes deductible assistance, 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 purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee.

First Class Life Guard

Help protect your loan.  Help preserve your standard of living.

You should take steps to protect you and your family in case something unforeseen happens.  You’re betting you can pay back your loan and you won’t lose your job (through no fault of your own), or become disabled (due to injury or illness),  or pass away—which could leave your family responsible for your loan balance.

First Class Life Guard is a voluntary loan-payment protection product designed to help you get relief from loan payments if a protected life event unexpectedly happens to you.

Contact us and ask about protecting your loans today.

*Your purchase of First Class Life Guard 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 First Class Life Guard.  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.

Mechanical Repair Coverage

The miles can add up, but the repair costs don’t have to.

MEMBER’S CHOICE® Mechanical Repair Coverage can help deflect some risk of costly future, covered repairs keeping your vehicle running extra miles and extra years. With different coverage levels and deductibles to choose, there’s a plan to fit your family’s budget.

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 and ignoring other repairs can be dangerous.

Contact us for a quote today to cover your vehicle.

*Program details may vary by state.