Payment Protection
Protect what matters
Life is unpredictable. There are a wide range of unexpected events that could leave you and your family scrambling to pay monthly bills. In the event of death, disability or unemployment, you wouldn’t want your family to worry about making your loan payments.
With Debt Protection, your loan balance or monthly loan payments may be canceled without penalty or added interest.
- In the event of death, it cancels the remaining loan balance up to a maximum in the contract.
- If you become disabled, it cancels up to a maximum number of loan payments based on the contract.
- If you are involuntarily unemployed, it cancels up to a maximum number of loan payments
based on the contract.
This product is optional. Your purchase of debt protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
We will give you additional information before you are required to pay for debt protection. This information will include a copy of the contract containing the terms and conditions of debt protection.
Eligibility requirements, conditions, and exclusions. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving debt protection benefits. You should carefully read your debt protection contract for a full explanation of the terms and conditions of the debt protection program.
Guaranteed Asset Protection
Guaranteed Asset Protection (GAP) helps borrowers and lenders avoid financial loss by waiving
all or a portion of the deficiency between a borrower's payoff amount on their auto loan
and the determined actual cash value of a vehicle in the event that a vehicle is totaled or
stolen, up to a certain loan-to-value (LTV) maximum, less exclusions or limitations that may
apply. This is a voluntary, non-insurance product.
How does GAP
work?
The actual cash value of your vehicle as determined by your primary
insurance carrier could be less than the actual balance you owe on your loan. In the event of
a total loss or theft, GAP waives the difference between your outstanding loan balance and the
actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to
$1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid.
The deductible is covered as part of the deficiency balance settlement.*
GAP is subject to limitations and exclusions, including but not limited to a LTV
maximum.
Mechanical Breakdown Protection
Drive with the peace of mind knowing that with Mechanical Breakdown Protection (MBP) you have protection against the increasingly high cost of repairs and associated labor costs for mechanical and electrical vehicle failures.
In addition to repairing your vehicle, MBP provides services such as rental car allowance, tire protection, roadside assistance, and 24/7 towing. MBP is available for both new and used vehicles. This coverage will protect your vehicle after your warranty has expired. Ask us how you can drive with the proper protection against costly repairs!
Benefits of MBP:
- $0 Deductible on Repairs
- Total Loss Refund
- Roadside Assistance & 24/7 Towing
- Rental Car Allowance
- Trip Interruption Coverage
- Hybrid Battery Coverage