Life can be unpredictable, especially during difficult economic times. And death, disability or losing your job could leave you or your loved ones in a difficult financial situation.
You and your family will appreciate the sense of security knowing your loan payment will not become a burden in times of uncertainty.
Cancel any time:
You may cancel MVP Debt Protection at any time. If you do so within the first 30 days, we will refund any fees already paid.
This product is optional:
Your purchase of MVP Debt Protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
We will give you additional information before you are required to pay for MVP Debt Protection. This information will include a copy of the contract containing the terms and conditions of MVP Debt Protection.
Eligibility requirements, conditions and exclusions:
There are eligibility requirements, conditions and exclusions that could prevent you from receiving MVP Debt Protection benefits. You should carefully read your MVP Debt Protection contract for a full explanation of the terms and conditions of the MVP Debt Protection program.
What is GAP?
If a vehicle is totaled or stolen, the borrower's primary insurance company settlement can be significantly less than the outstanding loan balance. This may create a deficiency balance or a "gap" resulting in a serious financial hardship for your borrower. The "gap" may even jeopardize repayment of the loan. GAP is designed to relieve your borrower of the responsibility for the remainder of the loan balance that their primary insurance carrier does not cover.
What does GAP cover?
GAP covers the difference between the borrower's outstanding loan balance and the actual cash value of the vehicle (primary insurance company settlement) less any deductions listed in the Exclusions section on page 2 of this guide. GAP also covers up to $1,000.00 of the borrower's deductible if there is a "gap" after the primary insurance settlement is paid. It is covered as part of the deficiency balance and is not paid directly to the borrower.
GAP Advantage Benefit:
Your borrower may be eligible to receive an additional $1,000.00 benefit. This $1,000.00 is used toward the purchase of a replacement vehicle when financed through your financial institution. To receive the $1,000.00 Advantage benefit, there must be a total loss, and a new loan must be made for the replacement vehicle at your institution within 90 days of when the vehicle is determined to be a total loss.
The GAP package also includes Auto Deductible Reimbursement (ADR) coverage. This coverage pays up to $500 per loss when a Loss is filed and paid by the auto insurance company for any Covered Auto you own or lease as evidenced by the title or registration AND insures under an Auto Insurance Policy designating you as the Named Insured. Plus you also receive Personal ID Restoration Consulting and Warranty Registration Service.
- Low cost protection with a 60-day free look.
- Eliminates the out-of-pocket expense for the remaining loan balance after loss settlement.
- Helps the borrower avoid financial hardship and afford a replacement vehicle.
- Prevents deficiency balance from being added to new loan.
- Helps protect the borrower's credit rating.
- Additional $1,000.00 to help with new vehicle purchase.
Member Value Protection Program
Our Member Value Protection plan is designed to help relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn.
Benefits of purchasing this option protection plan on your loan include:
- Having your monthly loan payments cancelled.
- Loan payments would be cancelled without penalty, additional interest, or being reported as delinquent to the credit bureau.*
Life events covered by Member Value Protection:
- your death.
- involuntary unemployment.
Choose from several flexible coverage options. Each option has specific eligibility requirements and a different range of benefits.
*Your purchase of Member Value Protection is optional. Whether or not you purchase Member Value Protection will not affect your application for credit or the terms of any existing credit agreement you have with our Credit Union. You will be provided with a copy of the contract containing the terms and conditions of Member Value Protection prior to paying for this coverage. There are eligibility requirements, conditions and exclusions that could prevent you from receiving Member Value Protection benefits. You should carefully read your Member Value Protection contact for a full explanation of the terms and conditions.
Who Can I Talk To If I Have Questions?
Your direct line to protection: (717) 795-5131