Loan/Payment Protection

GAP

Essential Protection for your vehicle loan and your finances

If your vehicle is deemed a total loss due to an accident or stolen, there can be a significant gap between what you owe on your loan and what your auto insurance will cover. GAP may reduce or even eliminate that shortfall in the event your vehicle is deemed a total loss. Additionally, GAP policies at First Class Community Credit Union will also cover your first $1,000 towards a replacement vehicle.

Your purchase of MEMBERS CHOICE Guaranteed Asset Protection (GAP) is optional and will not affect your loan 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 purchase 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.

Your family means everything to you. And if the unexpected happens, you don’t want an emotionally trying situation to be compounded by financial worry. That’s why there’s First Class Life Guard, which may cancel your loan balance or payments in case of:

  • Involuntary unemployment – a covered job loss occurs
  • Disability – a covered disability occurs due to illness or injury
  • Death – protected borrower passes away

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.

**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.

Contact us to learn more about our Loan- Payment Protection Options!