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 (MRC)
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. Usually much less expensive with us than other vendors for great coverage that does not limit your options!
Guaranteed Asset Protection (GAP)
Protect your financial well being. GAP pays the difference (gap) 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. This coverage is optional. Keep in mind we don't have your "average" GAP coverage: we have some magnificent benefits that go with a GAP purchase. Here are some things you may not know about our GAP:
- It can cover Vehicles, Motorcycles, Boats, & RV's
- Can be purchased anytime during the life of the loan
- It will pay $1,000 toward the purchase of a replacement vehicle when financed with the credit union
- For GAP purchases made after January 1, 2018: Deductible Assistance, get into a fender bender or any other type of incident that ends up as a claim on your insurance, prove to us you paid your deductible up to $1,000 and this coverage will reimburse you for the amount of the deductible. Not only on your vehicle but ANY other vehicle covered under the same policy as the item covered by the original GAP coverage, this is limited to 2 events per 12 months. It's a sweet deal!
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