Guaranteed Auto Protection (GAP)
In today’s automobile market, during the first few years that you own your vehicle, your loan balance can be higher than the actual value of your car, as a result of depreciation. If your car were stolen, or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan balance. GAP covers the difference between the market value of your vehicle and the loan balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. GAP also covers your insurance deductible, up to a maximum of $1,000.
Additionally, if you purchase a new vehicle within 60 days and obtain your new loan with First Federal, the GAP program will pay you $1,000 toward the purchase price.
To talk with a loan officer, call 362.3171 or 743.7806, or simply stop by one of our convenient locations to learn more about GAP insurance.
Mechanical Repair Coverage
Purchasing a new or used vehicle can be a big investment. Mechanical breakdown isn’t the first thing you think about when buying a vehicle, but you should consider it. Mechanical breakdowns can happen anywhere, at any time no matter the make, model or year of your car. Are you financially prepared for a breakdown? Any mechanical breakdown can be costly. Not only do you have to pay for the repairs to your vehicle, but you may have to cover the costs of lodging and meals if your vehicle breaks down while you’re out of town. You might even have to hire a tow truck to take your vehicle to the nearest repair shop. All of these things add up quickly, especially on top of an already big repair bill. So, what can you do to protect your investment? First Federal Credit Union offers the finest protection available for new and used vehicles. Similar coverage through an auto retailer can cost you over 50% more.
Several different plans are available. To learn more about Mechanical Repair Coverage Contracts give us a call at 362.3171 or 743.7806, or simply stop by one of our convenient locations.
Life can be wonderful, but it can also get complicated when unexpected things happen. Protecting your loan payments against death, disability, or involuntary unemployment could help protect your finances.
This protection could cancel your loan balance or payments up to the contract maximums. Protect your loan payments today so you can worry a little less about tomorrow.
Purchasing protection is voluntary and won’t affect your loan approval. It’s simple to apply. Ask your personal banker about eligibility, conditions, or exclusions.