Taking out a loan means one of your dreams is about to come true -- for
example, a new car, boat, or home improvement. But what happens to your dream
when the unexpected hits? How can you make sure your family won't shoulder the
financial burden of making loan payments when you can't? GAP Insurance
It's common for a vehicle's outstanding loan balance to be
higher than its cash value, especially during the first few years of the loan.
And if your
vehicle is stolen, accidentally damaged beyond repair, or
otherwise declared a total loss, you are still liable to pay
the difference: the "gap" between your insurer's settlement
and your loan balance. That gap will come out of your pocket
-- for a vehicle that, for all practical purposes, no longer
exists.
Guaranteed Asset Protection
(GAP) is designed to eliminate your unpaid net
loan balance in the event your vehicle is stolen or damaged beyond repair.
Is
your loan protected? Learn how you can Verify Collateral Insurance.
Mechanical Breakdown
Protection
Choose the price and coverage plan that best suits your needs and you'll
never have to worry about costly car repairs again! Mechanical Breakdown
Protection is available on both new and used vehicles. Ask your loan officer
for details!
Interested in
adding Loan Protection to an existing Loan?
No problem, you can add any of our loan protection options to
your existing loan. Call us at (507)
433-1829 or 1-800-533-0448.
You can also send us e-mail at:
ask@accentracu.org.
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MEMBER'S
CHOICE™ Borrower Security
MEMBER'S CHOICE™ Borrower Security is a voluntary protection
program that can reduce or cancel your outstanding loan
balance, up to the agreement maximum, should you die before
paying off your loan. It cost just pennies a day and only
buys enough protection to cover your loan balance. Other
benefits include:
- Protects your credit rating and collateral
- Simple eligibility requirements
- Fast and easy enrollment
- Immediate coverage for eligible borrowers
- Convenient -- fee is included in your loan payment
In addition, if you become disabled due to covered
illness or injury, or become involuntarily unemployed,
MEMBER'S CHOICE™ Borrower Security can cancel your monthly
loan payment, up to the agreement maximum. With payment
cancellation, both the principle and interest portion of
your loan payment are cancelled (up to the agreement
maximum), and your loan balance declines.
Consumer Loan Protection
Depending upon the package selected, MEMBER'S CHOICE
Borrower Security can:
- Protect up to two borrowers per loan for the same fee.
- Cancel your loan balance up to $100,000 in the event
of death, or cancel your monthly loan payment for up to 12
months or $12,000.
- Cancel your monthly loan payments for up to 12 months
or $12,000 if disabled due to a covered illness or injury.
- Cancel your monthly loan payments for up to 6 months
or $3,000 if involuntarily unemployed.
Home Equity Protection
Depending upon the package selected, MEMBER'S CHOICE
Borrower Security can:
- Protect up to two borrowers per loan for the same
fee.
- Cancel your loan balance up to $100,000 in the event
of death, or cancel your monthly loan payment for up to
12 months or $12,000.
- Cancel your monthly loan payments for up to 12
months or $12,000 if disabled due to a covered illness
or injury.
- Cancel your monthly loan payments for up to 6 months
or $3,000 if involuntarily unemployed.
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