Piedmont Credit Union offers several loan products to help protect your loan. Credit Life and Credit Disability Insurance can help ease the financial burden of your loan obligation in the event of an unexpected life event, accident or illness. There is also Guaranteed Asset Protection (GAP) which helps protect you against financial loss if your GAP-protected vehicle is stolen or declared a total loss due to an accident, easing your financial burden by waiving the difference between your primary insurance settlement and your vehicle loan balance. Below is an explanation of these optional products.
Credit life insurance is designed to help reduce or pay your eligible loan balance, up to the policy maximum, should an unexpected life event occur. Credit disability insurance may make your loan payment, up to the policy maximum, if you become totally disabled due to a covered sickness or accident. Coverage is available on all loan types, except credit cards. Contact a loan officer for more details.
Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Group Policy for a full explanation of the terms.
The miles can add up but the repair costs don’t have to.
MEMBER’S CHOICE® Mechanical Repair Coverage can help deflect some risk of costly repairs keeping your vehicle running extra miles and extra years. With different coverage levels and deductibles to choose, there’s a plan to fit your family’s budget.
Whether you depend on your vehicle for work or getting your family to school and activities, you need transportation that’s safe and reliable. The older your vehicle, the more it takes to keep it in good working order. Not making small repairs can lead to even more expensive repairs and ignoring other repairs can be dangerous.
Benefits of the program*:
• Good at any authorized repair facility in the U.S. or Canada
• Rental reimbursement: up to $35 per day for 5 days (or 10 days for a parts delay) from day one.
• 24-hour emergency roadside assistance: up to $100 per occurrence. Includes towing, battery jump start, fluid delivery, flat tire assistance and lock-out service.
• Travel expense reimbursement: up to $500 for lodging, food and rental expense when a covered breakdown occurs more than 100 miles from home.
• Transferable: if you sell your vehicle privately, the coverage can be transferred for a fee, adding resale value and appeal.
• Cancelable: receive a full refund within the first 60 days or a pro-rated refund thereafter less an administrative fee.
• No out of pocket expense at time of mechanical repair: (except for any deductible and any repairs not covered by the policy)–the covered repair is paid directly to the authorized repair facility by the plan.
• Ask about deductible options
*Program details may vary by state. Ask a Member Services Representative for details or receive a quote by calling 434-797-1954
MEMBER’S CHOICE® Mechanical Repair Coverage is administered by Consumer Program Administrators, Inc. in all states except AK and CA, where coverage is administered by Virginia Surety Company, Inc., in WA, where coverage is administered by Automotive Warranty Services, Inc., in FL, LA , OK and WI, where coverage is administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023) and in AZ, where the Obligor and Administrator is Consumer Program Administrators, Inc., all located at 175 West Jackson Blvd., Chicago Illinois 60604, 1-800-752-6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In those states where MEMBER’S CHOICE® Mechanical Repair Coverage is offered as insurance (form MCCU-001-MBI) it is underwritten by Virginia Surety Company, Inc. MRC-896721.1-0414-0516 © CUNA Mutual Group 2014, All Rights Reserved.
If your vehicle is in an accident and is declared a total loss, many insurance companies will only pay up to the book value of the vehicle. Since new cars drop in value the moment they leave the car lot, the book value is often less than the amount that is owed. If a car is totaled, the borrower is responsible for the difference of what the insurance company pays and what is owed on the car. GAP waives the difference between your primary insurance settlement and your vehicle loan balance, up to the contract maximums.
EXTRA BONUS: With GAP Plus if your vehicle is declared a total loss, due to accident or theft, and you finance your replacement vehicle with us, we will cancel $1,000.00 on your next auto loan with Piedmont Credit Union.
GAP is available for automobile, truck, SUV, and Van loans. For more details and current pricing on GAP contact a loan officer.
Your purchase of MEMBER’S CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with Us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid.