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Loan Protection

Payment Protection Plan

Whether you're taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because things happen…life happens. You’re betting you can pay back your loan and you won’t lose your job (through no fault of your own), or become disabled (due to injury or illness), or pass away, leaving your family responsible for your loan balance. Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.

Protection that matters

If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Coconino Federal Credit Union’s Payment Protection Plan will cancel or reduce repayment of your loan debt—helping to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging.

Protected events include:

  • Loss of life, including those caused by acts of war
  • Disability, including those caused by acts of war
  • Involuntary unemployment

Mechanical Repair Coverage

Street-smart drivers are turning to MEMBER’S CHOICE Mechanical Repair Coverage. It protects you against many of the costly auto mechanical repairs no longer covered by your vehicle’s manufacturer’s warranty.

Guaranteed Asset Protection

Protect your financial well being. Guaranteed Asset Protection (GAP) pays the difference between your vehicle insurance company’s settlement and the remaining loan amount (directly related to the vehicle purchase), up to the maximums allowed by the credit union and/or state, in the event your vehicle is stolen or damaged beyond repair.

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