Protection Plans for Your Loans
Auto Dealerships make a lot of money on loan protection plans, so be sure to compare the costs of the plans they offer to those at Velocity Community Credit Union. Pay attention to what auto dealerships are charging for Guaranteed Asset Protection (GAP), loan insurance, and Mechanical Breakdown Protection (MBP). We offer these same products, but often at a substantially lower cost.
Smart Payment Protection Program
Life is unpredictable. Our Smart Payment Protection1 provides you with an important sense of financial security in knowing your loan payment will not become a burden to you in times of hardship. Under the Smart Payment Protection program, your loan balance may be canceled or your monthly loan payments canceled without penalty or added interest. Therefore, you benefit from the peace of mind knowing you, your family, and your credit rating are protected.
With Gold, Silver, and Bronze levels, you pick the level of protection with which you are most comfortable. Smart Payment Protection is available on a wide range of loan products. Check with us for details about your loan(s) and sign up today!
1. Your purchase of Smart Payment Protection is optional. Whether or not you purchase the product, it will not affect your application for credit or the terms of any existing credit agreement you have with us. We will give you additional information before you are required to pay for coverage. This information will include a copy of the contract containing the terms and conditions. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits. You should carefully read your contract for a full explanation of the terms and conditions of the program.
Guaranteed Asset Protection (GAP)
You could lose more than your vehicle if it is stolen or involved in a major accident. For example, most insurance policies only cover the value of your vehicle. While your loan balance could be much higher than that value, you would be left owing the difference.
With Guaranteed Asset Protection (GAP), if something were to happen to your vehicle, the difference between your vehicle’s value and the balance of your loan will be paid. Check with us for details about covering the “gap” and sign up today.