Loan Protection Plans
MembersOwn Loan Protection
MembersOwn Loan Protection helps preserve your standard of living if a protected event occurs. Thinking about taking out a loan to make home improvements or buy a vehicle? You should take steps to protect you and your family in case something unforeseen 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 need to take family leave, or pass away—which could leave your family responsible for your loan balance.
MembersOwn Loan Protection is a voluntary loan-payment protection product designed to help you get relief from loan payments if a protected life event unexpectedly happens to you.
Contact us and ask about protecting your loans today.
Route 66 Extended Warranty
A protection plan that extends the manufacturer’s warranty on your vehicle, typically for a lower price than offered by auto dealerships. The premium is made affordable by adding it to your auto loan. Route 66 provides towing, rental reimbursement and roadside service when the manufacturer’s warranty is in effect and then covers costs of repairs after it expires.
Guaranteed Auto Protection (GAP)
Typically, standard auto insurance policies are enough protection to cover the cost of repairs or replacement if your car is damaged or stolen. However, if your vehicle is deemed a total loss and your car’s actual cash value is lower than the amount you owe on your loan, that difference is not covered by insurance. GAP programs are designed to cover the variance between the auto value and auto loan through debt cancellation agreements.
For more information about the credit protection plans MembersOwn offers, stop by or contact us. We’d be glad to talk with you to find your best option.
At MembersOwn Credit Union, it’s all about you!
Your purchase of MembersOwn Loan Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of MembersOwn Loan Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.
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