Loan Protection Services

Guaranteed Asset Protection (GAP)

GAP protects you and your asset in case your vehicle is totaled or stolen. In many cases, you may owe more on the loan than the value of the car at the time of loss. GAP pays this gap between what your insurance will cover and your remaining loan balance. This low-cost protection can be rolled into your auto loan, so you don't have any additional payments. Contact us online or call 1-800-343-6328 for more information.

Mechanical Repair Coverage (MRC)

This extended coverage protects against high repair bills if mechanical breakdown occurs on your vehicle. The service will pay directly to any licensed mechanic for all covered components and assemblies. The work must be preauthorized before any work is done.

Debt Protection

Take a minute and think about the people in your life that are closest to you. What if something were to happen to you OR you became disabled through a sudden illness or accident? These are not pleasant things to think about, but we all know that it can happen. Your America's Christian CU offers you the opportunity to protect yourself and your family through debt protection.

Q. What is Debt Protection?

A. It's an agreement between you and your credit union where the borrower pays a fee to the lender to cancel or postpone the principal and interest (or interest only) portion of your loan payment, up to the agreement maximum, if you become involuntarily unemployed or disabled due to sickness or injury. It can also repay your loan, up to the agreement maximum, in the event of loss of life.

Q. I see debt can either be cancelled or postponed. What's the difference?

A. Balance Cancellation pays off a debt, up to the agreement maximum, if you die. Payment Cancellation cancels the principal and interest portions of your loan payment, up to the agreement maximum, if you become disabled or fall victim to some other protected event such as involuntary unemployment. The amount is cancelled from your loan balance the same as if the payment had been made. Interest Cancellation defers the principal portion of the payment and cancels the interest portion, up to the agreement limit. With deferral, the loan balance does not decline. Program fees may or may not be waived under Interest cancellation. Payment Postponement (sometimes referred to as Skip Payment) defers the entire payment, along with any program fees, but interest continues to accumulate and the outstanding balance increases.

Q. Why should I consider debt protection?

A. Here's a few good reasons:

  • Helps protect you and your family against financial hardship should the unexpected occur.
  • Helps protect your good credit rating and loan collateral.
  • Reduces the financial burden on your family should you die, become disabled, or lose your job.

Eligibility requirements, interest rates and repayment terms vary depending upon the type of loan you request. Contact us online or call 1-800-343-6328 for more information.