Loan Protection

Loan Protection

Tri-Town Teachers offers two types of loan payment protection plans for its members. Guaranteed Asset Protection (GAP) can protect the borrower when the amount of the loan principal exceeds the insurance value of the vehicle. Credit Life and Credit Disability protect the borrower and his/her family in the event death or disability strikes the borrower. To learn more about these plans, click on the appropriate line below.

Loan Calculator

Look for yourself!!
Click here to use a loan calculator and determine what your loan payment would be on any loan and see how affordable loan protection would be for you.

Guaranteed Asset Protection (GAP)

There could be a big difference between what your insurance will pay and what you owe on your loan.
Most cars depreciate by thousands of dollars as soon as they are purchased. Unfortunately, if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared a total insurance loss, you are still liable to pay the difference, or the "gap," between your insurer's settlement and your loan balance. That money will come out of your pocket for a vehicle that, for all practical purposes, no longer exists.

MEMBER'S CHOICE Guaranteed Asset Protection (GAP) could save you thousands of dollars.
GAP is an affordable coverage that pays the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.  The Tri-Town Teachers FCU price for GAP insurance is $258.00.  It can be added to your loan amount or you can pay it separately.  If you have any questions about this coverage please give us a call.

GAP - low cost protection for high-cost losses--$258.00 one time charge.
For just a few dollars a month, GAP can save you from making loan payments on a car, truck or other vehicle that's beyond repair, or stolen and not recovered. GAP Plus coverage also includes up to $1,000 toward your down payment of a replacement vehicle (where allowed by law and financed by our credit union).  Before you buy from a dealer, compare our price--we are usually much less for better coverage.

It's easy to be covered.
You can sign up for GAP when you apply for your vehicle loan. There's no underwriting, no red tape, no hassles. And for your convenience, the one-time fee of $258.00 can be rolled into your monthly loan payment.

Refundable feature
If you change your mind, your GAP fee is fully refundable if you cancel coverage within the first 90 days*. It's an easy way to protect your family, your car and your credit rating.
*Where allowed by state law

The information contained on this page is intended to provide a general outline of the benefits of MEMBER'S CHOICE Guaranteed Asset Protection and should not be relied upon as providing all benefits and limitations when purchasing this protection. Be sure to carefully read your MEMBER'S CHOICE GAP Member Agreement for complete details, including any coverage limitations. Guaranteed Asset Protection may vary first by state and then by credit union. In states where GAP protection is an insurance product, MEMBER'S CHOICE Guaranteed Asset Protection is made available and underwritten by CUMIS Insurance Society, Inc. In states where GAP is a debt cancellation product, MEMBER'S CHOICE Guaranteed Asset Protection is made available through your credit union and administered by CUMIS Insurance Society, Inc.

Credit Life and Credit Disability

Give your family the financial security they deserve.
by protecting your loans with credit insurance from CUNA Mutual Insurance Society.

Your credit union loan can make your most important dreams a reality. So, why risk losing those dreams because of death or disability? Credit Life and Credit Disability Insurance can provide an extra measure of protection and help make your loan payments when you can't. It's easy to apply, and both coverages are available at affordable group rates.

Credit Life Insurance can help reduce or pay off your loan if you die before the loan is repaid. Credit Disability Insurance will help make loan payments to the credit union when your income is suddenly lost due to a covered accident or sickness.

Ready when you need it.
We make Credit Life and Credit Disability Insurance available to help protect you and your family when help may be needed most. Just ask for these beneficial coverages on all your credit union loans.

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