Payment Protection
Fannin Federal Credit Union offers payment protection in the event of death, disability, or involuntary unemployment.
Life can be wonderful. But it can also get complicated when unexpected things happen. Protecting your loan balance or loan payments against death, disability, or involuntary unemployment could help protect your finances. This protection could cancel your loan balance or payments up to contract maximums.
Life Plus adds protection for life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave, and the loss of life of a non-protected dependent. Protect your loan balance or loan payments today so your family can worry a little bit less about tomorrow.
Purchasing protection is voluntary and won’t affect your loan approval. It’s simple to apply. Ask your loan officer to protect what matters most to you.
YOUR AUTO INSURANCE DOES NOT COVER EVERYTHING
In the event your vehicle is deemed a total loss due to an accident or theft, your auto insurance policy will usually cover only the actual cash value or market value of your vehicle less a deductible. This settlement could be significantly less than the amount you owe to your lender or leasing company. The final result is a financial GAP where you must make up the difference, which could mean thousands of dollars out of your pocket.
PROTECTION THROUGH GUARANTEED AUTO PROTECTION PLUS
Guaranteed Auto Protection Plus protects individuals who finance a new or used vehicle form the financial GAP.
Guaranteed Auto Protection Plus is a loan/lease deficiency waiver and is not offered as insurance coverage.
In the current market, during the first few years that you own your vehicle, your loan/lease balance can be higher than the actual value of your vehicle, as a result of depreciation. As your vehicle’s value declines, your loan/lease balance may decline more slowly, resulting in a financial gap. If your vehicle were stolen or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan/lease balance.
The purchase of Guaranteed Auto Protection Plus is voluntary and cannot be required as a condition of credit approval.
Guaranteed Auto Protection Plus covers the difference between the actual cash value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges.
Guaranteed Auto Protection Plus will even cover your auto insurance deductible of $500 or $1,000. The actual amount depends on your credit union’s program limits. Ask your Credit Union loan officer for details.