Protection when unforeseen situations arise
7 17 Credit Union offers a variety of loan protection programs so you won't have to worry about loan payments or unnecessary costs when unforeseen situations arise.
- Payment Protection: This protection offers plans that cancel your loan or reduce the amount owed due to your untimely death. If you experience involuntary unemployment or if you become disabled by a covered illness or accident, your payment protection plan will cover your monthly payment.
- Guaranteed Asset Protection (GAP): This protection fills in when your loan balance is more than your vehicle's cash value if it's totaled. These policies are available for any member with a 7 17 loan not exceeding 84 months on new and used vehicles, commercial vehicles, private passenger vehicles, vans and light duty trucks. Ask us for details on other loans with terms longer than 84 months, such as boats and recreational vehicles. GAP premiums are usually only pennies per $1,000 of your loan and can be rolled in to your vehicle payment.
- Total Restart: This product protects the down payment and/or trade equity lost by depreciation if the vehicle is totaled within the first 3 years of the purchase of Total Restart. The coverage covers the difference between the value/purchase price of the vehicle at the time of purchase and the time of total loss. Total Restart is appropriate for loans with large down payments where GAP may not be a good fit.
Available on auto loans only with a purchase price up to $100,000.00. Motorcycles, boats, RVs and commercial vehicles are not eligible for this product.
Please contact us for full details.
The plans offered are not a deposit and are not federally insured or guaranteed by your credit union.