Answers will be supplied at a later date.
The price is calculated based on a monthly rate per thousand dollars. Please see a loan officer for information.
Credit life is available for members up to age 70. Credit disability coverage is available up to age 65. Additionally, the borrower needs to be working at least 25 hours per week to be eligible for credit disability insurance.
When your insurance company has informed you that your covered vehicle is a total loss, please contact our Loan Call Center at 677-2274 or (800) 677-6770. They will advise you of the next steps.
The Insurance Information Institute recommends purchasing GAP if you:
- Make less than a 20% down payment
- Finance for 60 months or longer
- Purchase a vehicle that depreciates faster than average
- Roll over negative equity from an existing vehicle loan into the new loan
GAP insurance covers total vehicle loss due to collision, fire or unrecoverable theft.
GAP coverage is not required. It is optional and will not affect the decision on your loan application.
Mechanical Breakdown Coverage
This coverage is only for mechanical systems. It doesn’t cover routine maintenance, or non-mechanical repairs such as trim or paint. Important point - it also does not cover major repairs due to poor vehicle maintenance.
No. Auto insurance only covers damage due to accidents or theft.
As with many insurance questions, the answer is that it depends on the circumstances. Mechanical breakdown coverage is significantly less expensive than a manufacturer’s extended warranty. However, a breakdown coverage does have a deductible and a warranty may not require one. Ask questions (and read the small print) to find out which option is better for you.
There are four levels of protection offered. The base level includes the engine, transmission, drive axle, brake system, electrical system and air conditioning. The second level adds the steering and fuel systems.
Ask your Loan Officer for a brochure showing the coverage levels.