Family with newborn in bedroom
 

PROTECT YOUR LOANS

Protect your investment with GAP and MRC loan programs.

​Guaranteed Asset Protection (GAP) Plus


Don’t let a wrecked vehicle wreck your finances. Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot.* This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft.

Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan. Plus, it helps you get into your next vehicle by reducing your loan at the credit union by $2,500. Our GAP Plus program includes Deductible Assistance which is designed to provide financial relief when your vehicle is damaged but not deemed a total loss.

If repairs cost more than your deductible, the deductible amount is applied to your vehicle loan at the credit union, reducing what you owe. Contact us today to learn more about adding GAP Plus with Deductible Assistance to your vehicle loan so you can worry less about tomorrow.

Resources:
Guaranteed Asset Protection (GAP) Plus brochure
Guaranteed Asset Protection (GAP) Plus flyer
 

Mechanical Repair Coverage (MRC)


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. Ignoring repairs can be dangerous.

Mechanical Repair Coverage (MRC) can help deflect some of those costly covered repairs while keeping your vehicle running extra miles and extra years. With various coverage levels and deductibles to choose from, there’s a plan to fit your family’s budget.

Benefits for covered repairs:
  • Limit repair costs to your deductible, if any.
  • Choose your deductible: $100, $250, or $500.
  • Rental reimbursement up to $35/day for 5 days (up to an additional 5 days with verified 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 & lockout service.
  • Travel reimbursement up to $200 per day for 1-5 days for food, lodging & transportation expense, when a covered breakdown occurs 100 miles or more from home. (Not available to NY residents.)
  • Good at any authorized repair facility in the U.S. or Canada.
  • No out of pocket expense except any deductible. Plan pays the repair facility.
  • Transferable to increase resale value. Only if sold privately. Subject to transfer fee.
  • Cancel for full refund within 60 days. A full refund is available only if coverage is unused in the first 60 days. If used or cancelled after 60 days, refund is prorated less administrative fees. Cancellation administrative fees vary by state.
Resources:
Mechanical Repair Coverage (MRC) brochure
Mechanical Repair Coverage (MRC) flyer
More information on Mechanical Repair Coverage (MRC)

Ask a Christian Financial Credit Union representative for details or get a quote by calling 586.772.6330.

**Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov 9, 2018. Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP), which includes deductible assistance, 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. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP-2488407.1-0419-0521 © CUNA Mutual Group, 2019. All Rights Reserved.

Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA, where coverage is offered as insurance by Virginia Surety Company, Inc., in WA, where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., in FL, LA , and OK, where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023 and Oklahoma License #44198051), all located at 175 West Jackson Blvd., Chicago, Illinois 60604, 800.752.6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In CA, where Mechanical Repair Coverage is offered as insurance (form MBIP 08/16), it is underwritten by Virginia Surety Company, Inc. Coverage varies by state. Replacement parts may be used or re-manufactured. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product. MRC-2425078.1-0219-0321 © CUNA Mutual Group 2019, All Rights Reserved