Sleep Easier
Sleep easier with MyUSA Credit Union’s loan protection products. Our friendly team is here to explain your options so you can decide how to best protect your family and your budget!
Loan Protection
The second you drive your vehicle off the lot, it drops in value. If your vehicle is stolen or damaged and deemed a total loss, you’re responsible to pay the difference between what you owe MyUSA CU and what your insurance company says your vehicle is worth.
With MyUSA’s Guaranteed Asset Protection (GAP), you can help bridge the “gap” between the amount you owe and the amount your insurance company will pay on your behalf. GAP provides protections on both new and used vehicles.
Benefits
- Low-cost protection that comes with a 60-day free look
- Protection up to 84 months
- GAP will help cover your deductible if there is a “gap” after the primary insurance settlement is paid*
- The GAP premium can be added to your loan with minimal effect on your monthly payment, and it can be added after the loan closes
* Deductible is covered as part of the deficiency balance and is not paid directly to the borrower
Protect the investment you’ve made in your new vehicle! If you desire the peace of mind that comes from knowing the money you invested in your auto is protected, then you may want to consider Depreciation Protection Waiver* (DPW).
If your auto is ever totaled or stolen and not recovered at any time over the life of the loan, DPW will kick in and help by waiving some or all your loan balance in the event of the total loss of your auto. The waiver benefit is equal to the difference between your auto’s MSRP or retail value at the time of DPW purchase, less the amount of your loan balance at the time of total loss. (The benefit cannot exceed the DPW addendum limit or your outstanding loan balance at the time of total loss.)
Benefits
- Benefit triggered by collision or comprehensive total loss, including theft
- Life of loan protection
- No mileage, make, or year restrictions
- 100% refundable in the first 60 days
Ideal for those who
- Put money down or have equity in the vehicle
- Make accelerated loan payments
- Desire protection from vehicle depreciation
* Maximum Waiver benefit can vary depending on level of protection selected and/or offered.
ADR is only available when either GAP or DPW has been purchased. It pays for all or a portion of a primary insurance deductible.
Benefits
- Pays deductible for both total and non-total loss events* (with UNLIMITED losses per year)
- Coverage remains in effect even after the loan is paid in full, up to 3 years
- Covers ALL vehicles titled to and insured by you
- Provides opportunity to increase primary insurance deductible, thus decreasing the monthly premium
- Provides risk mitigation for young drivers
* Loss is defined as an event for which the Auto Insurance Company has approved and paid a collision or comprehensive claim which exceeds the Auto Insurance Policy deductible for the Covered Auto. Reference policy for details.
Avoid costly vehicle repairs with Route 66 and their top-of-the-line extended warranty plans. Their Mechanical Breakdown Protection extends coverage to virtually any make and model, regardless of age or mileage. Coverage is even transferable if you sell your vehicle before the plan expires.
Buying a vehicle is one of the largest purchases you’ll make, so protect it with a Route 66 warranty!
Benefits
- Claims paid at the time of repair directly to the repair facilities
- Repairs can be done at a licensed facility of your choosing
- No deductible*
- Cost of coverage can be integrated into your loan with virtually no effect on your monthly payment
- 30-day money back guarantee
Additional Benefits
- 24-hour roadside assistance
- Rental vehicle assistance
- Total loss refund
* Member is responsible for diagnostics, fluids, and any applicable sales tax
Life is unpredictable. You may worry about unexpected, real-life events that could leave you scrambling to pay your monthly bills. Debt Protection can give you peace of mind by helping to relieve financial pressure. With Debt Protection, your loan or monthly loan payments may be cancelled up to a maximum amount. You select the plan that provides protection due to death, disability, or involuntary unemployment.
Protection
- Single and joint coverage
- Safeguard your family’s financial security
- Preserve your credit rating
Convenience
- Add to your monthly payment
- Simple claims process
Eligibility
- Protection to age 70
- A few eligibility questions only, no medical exam
* Your purchase of any of the above ancillary products is optional – whether or not you purchase any of these products will not affect your application for credit or the terms of any existing credit agreement you have with us.
Have more questions? Visit our Frequently Asked Questions page for answers to more common questions about MyUSA Credit Union.