In today’s Automobile market, during the first few years that you own your vehicle, your loan/lease value can be higher than the actual value of your car, as a result of depreciation. As your car’s value declines, your loan/lease value can be significantly higher. If your car were stolen, or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan/lease balance.
GAP covers the difference between the market value of your vehicle and the loan/lease balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. GAP also covers your insurance deductible, up to a maximum of $1,000.
Additionally, if you purchase a new vehicle within 60 days and get your loan through us, the program will give you $1000 towards the purchase price.
Please call 378-0101, Option 2 or 1-800-950-5228, Option 2 or stop by one of our convenient locations to find out more about GAP.
Extended Auto Warranty Coverage
Purchasing a new or used vehicle can be a big investment. Mechanical breakdown isn’t the first thing you think about when buying a vehicle, but you should consider it. Mechanical breakdowns can happen anywhere, at any time no matter the make, model or year of your car.
Are you financially prepared for a breakdown? Any mechanical breakdown can be costly. Not only do you have to pay for the repairs to your vehicle, but you may have to cover the costs of lodging and meals if your vehicle breaks down while you’re out of town. You might even have to hire a tow truck to take your vehicle to the nearest repair shop. All of these things add up quickly, especially on top of an already big repair bill.
So, what can you do to protect your investment? Linn Area Credit Union, in partnership with Car Solutions, offers the finest protection available for new and used vehicles. Similar coverage through an auto retailer can cost you over 50% more.
Several different plans are available. To learn more about Vehicle Service Contracts give us a call at 378-0101, Option 0 or 1-800-950-5228, Option 2 or stop by one of our convenient locations.
Credit Life Insurance
It's important to have an adequate amount of life insurance to protect your home and family if you can't be there for them. If you pass away during the period of a loan, Credit Life Insurance will pay off or reduce the loan.
Single Coverage - $0.69 per $1,000 per month
Joint Coverage - $1.15 per $1,000 per month
Maximum Amount per Member - $30,000
Borrowers are eligible to apply for coverage up to age 70.
Maximum Term – 120 Months
Premium is included in monthly payment.
No Occupation Limitations
No Physical Exams
To learn more give us a call at 378-0101, Option 2 or 1-800-950-5228, Option 2 or stop by one of our convenient locations.
Credit Disability Insurance
Credit Disability Insurance takes over your loan payments if you should become disabled and will continue to make payments until you return to work.
Protects your credit rating
Single Coverage Only - $1.11 per $1,000 per month (Co-Borrower is not eligible)
Borrowers are eligible to apply for coverage up to age 65
Maximum Monthly Benefit - $750
To be eligible borrowers must be working outside the home for profit at least 30 hours per week.
Maximum Amount per Member - $50,000
Maximum Term – 120 Months
No Occupation Limitations
No Physical Exams
To learn more give us a call at 378-0101, Option 2 or 1-800-950-5228, Option 2 or stop by one of our convenient locations.
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