Loan Protection Products

The excitement of a new car can turn to disappointment if you find yourself unable to make payments do to injury or you find out that your insurance doesn't cover the total amount of your loan after an accident or theft. That's where ABCU's loan protection products can step in and give you the peace of mind you deserve.

Credit Life & Disability Insurance

MEMBER'S CHOICE term life and disability insurance reduces or pays off the covered outstanding loan balance if you die or become disabled.  It helps to protect you or your family's income, credit history, assets and financial future from the economic traumas caused by death or disability. Because it is tied directly to the loan balance, you only pay for enough insurance to cover your loan payments and this frees up benefits received from other insurance plans to cover immediate and future income needs.

GAP Coverage

You could lose more than your vehicle if it is stolen or involved in a major accident. You could lose your investment. Because most insurance policies only cover the value of your vehicle-something that rapidly declines during the first few years of ownership-your loan or lease balance could be higher than the value of your vehicle.

GAP was designed for all drivers, whether you finance or lease a new or used vehicle. Automobiles, vans, light trucks, motorcycles, boats, travel trailers, motor homes, golf carts, jet skis, snowmobiles and almost an other vehicle are eligible. GAP protection goes into effect when you need it most-when your vehicles is stolen and isn't recovered, or is totaled in an accident and can't be repaired.

GAP waives the difference between your primary carrier insurance settlement and the payoff of your loan or lease, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. Included in this difference is your insurance deductible, which is limited to $1,000.

In addition to protecting your investment, GAP Advantage also provides $1,000 towards ABCU financing of a replacement vehicle!